Marathon Digital Holdings Reports August 2024 Bitcoin (BTC) Production Update

Marathon
Digital
Holdings,
Inc.
(NASDAQ:
MARA),
one
of
the
world’s
largest
publicly
traded
Bitcoin
(BTC)
miners,
has
released
its
unaudited
Bitcoin
production
and
miner
installation
update
for
August
2024.

Operational
Performance

In
August
2024,
Marathon
Digital
Holdings
reported
an
energized
hash
rate
increase
of
11%
month-over-month
(M/M)
to
35.2
exahashes
per
second
(EH/s).
Despite
this
increase,
the
number
of
blocks
won
decreased
by
2%
to
196,
and
BTC
production
fell
by
3%
to
673
BTC,
according
to

MARA.

Management
Commentary

Fred
Thiel,
Marathon’s
chairman
and
CEO,
commented
on
the
company’s
performance: “During
the
month
of
August,
we
continued
to
bring
additional
hash
online,
and
our
energized
hash
rate
grew
to
35.2
EH/s,
an
11%
increase
over
July.
We
are
proud
to
have
mined
our
4,000th
block
during
August.”

Thiel
also
outlined
the
company’s
ongoing
investments
and
operational
improvements: “Domestically,
we
continue
to
improve
the
operation
of
our
sites
and
remain
on
track
to
reach
our
target
of
50
EH/s
by
the
end
of
2024.
During
the
month,
we
energized
almost
18
immersion
containers
in
Granbury,
Texas.
We
are
converting
a
large
portion
of
our
Granbury
data
center
from
air-cooled
to
MARA’s
immersion
containers,
with
plans
to
transition
at
least
another
30
in
September.”

Future
Goals
and
Strategic
Plans

Marathon
Digital
Holdings
aims
to
position
itself
as
one
of
the
industry’s
most
cost-efficient
operators
by
increasing
the
share
of
owned
and
operated
sites
in
its
fleet.
The
company
currently
owns
and
operates
approximately
54%
of
the
1.1
gigawatts
of
power
in
its
diversified
portfolio
of
energy
technology
solutions.
Thiel
emphasized
that
this
strategic
move
is
expected
to
achieve
cost
savings
on
a
per
petahash
basis.

Operational
Highlights

As
of
August
31,
2024,
Marathon
held
a
total
of
25,945
unrestricted
BTC
and
opted
not
to
sell
any
BTC
in
August.

Industry
Context

This
announcement
comes
amid
a
period
of
significant
activity
in
the
Bitcoin
mining
sector.
Other
major
players
have
also
been
reporting
increases
in
hash
rates
and
operational
expansions,
reflecting
the
competitive
and
rapidly
evolving
nature
of
the
industry.
As
Marathon
Digital
Holdings
continues
to
scale
its
operations,
its
focus
on
cost
efficiency
and
strategic
growth
positions
it
well
against
its
peers.

For
more
detailed
information,
please
visit
the

official
MARA
website.

Image
source:
Shutterstock