Bitcoin Miners HODLing: Marathon Mines 53% Less BTC in Nov., Hut 8 Producing Each BTC at A Cost of $3k

Bitcoin miner Marathon Digital Holdings reported mining 196 BTC in November, down from 417.7 BTC in the previous month.

This drop in bitcoin production was due to maintenance and upgrades to the power generating facility in Hardin, MT, that negatively impacted the mining.

In 2021 up until December 1, Marathon produced 2,712.3 BTC.

The company has kept all the Bitcoin generated during this month, as the last time it sold Bitcoin was on October 21, 2020.

Its total bitcoin holdings have now increased to about 7,649 BTC, covering the 4,812.66 BTC the company purchased in January.

Meanwhile, it holds $623.7 million in cash on hand, with the total liquidity, cash, and bitcoin holdings now at $1.1 billion.

“After closing an oversubscribed convertible note offering, we increased our total liquidity to $1.1 billion, which provides us with optionality to improve our efficiency and further scale our operations,” said Fred Thiel, Marathon CEO.

In November, Marathon received 15,520 top-tier ASIC miners from Bitmain and 56,826 miners year to date, with an additional 8,477 miners currently in transit.

Following the successful system upgrades to the power plant in Hardin, MT, as they began operating near full capacity, it generated 34 Bitcoin on Dec. 1.

Marathon now has an existing mining fleet of 31,000 active miners producing 3.2 EH/s. Thiel said they are “well-positioned to reach 13.3 EH/s by mid-2022 and to remain agile and opportunistic as our industry evolves in the coming quarters.”


Another Bitcoin miner, Hut 8, also posted its production update for last month. The miner produced 265 BTC in November, bringing the company’s Bitcoin balance to 5,242.

Much like Marathon, Hut 8 deposited 100% of the self-mined BTC into custody as part of its HODL strategy.

The company completed the deployment of high-performance NVIDIA chips last month. NVIDIA CMPs were deployed to mine the Ethereum network via Luxor pool and are receiving payouts in Bitcoin. Hut 8 currently has an installed hash rate of 1.7 EH/s.

“Our NVIDIA CMP deployment is contributing revenue of approximately $140,000 per day, based upon current mining economics,” said Jason Zaluski, Head of Technology for Hut 8.

“Given the low power intensity of these chips, our cost per Bitcoin of approximately $3,000 means we are achieving unit margins in excess of 95%.”

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide