Marathon Digital (MARA) Reports Significant Bitcoin (BTC) Production Surge in July 2024

Marathon
Digital
Holdings
(NASDAQ:
MARA),
one
of
the
largest
publicly
traded
Bitcoin
(BTC)
miners,
announced
substantial
growth
in
its
mining
operations
for
July
2024.
The
company
reported
a
27%
increase
in
block
wins
and
a
17%
rise
in
Bitcoin
production,
totaling
692
BTC
for
the
month,
according
to
a

press
release.

Operational
Highlights

Marathon’s
hash
rate
recovery
at
its
Ellendale
facility,
hosted
by
Applied
Digital,
was
completed,
resulting
in
a
significant
uptick
in
block
wins.
The
company’s
average
operational
hash
rate
grew
by
5%
to
27.5
exahashes
per
second
(EH/s)
over
the
previous
month.
Fred
Thiel,
Marathon’s
chairman
and
CEO,
emphasized
the
company’s
aggressive
mining
approach
amidst
a
lower
BTC
price
environment.

Domestically,
Marathon
has
started
deploying
its





technology
to
enhance
site
operations.
A
significant
portion
of
the
Granbury
site
is
being
transitioned
from
air-cooled
to
immersion-cooled
containers.
This
shift
is
expected
to
cause
temporary
downtime
but
aims
to
improve
efficiency.
The
first
group
of
18
immersion
containers
will
be
energized
in
August,
with
the
project
expected
to
conclude
by
year-end.

Financial
and
Production
Metrics

Marathon’s
total
BTC
holdings
rose
to
20,818
BTC
by
the
end
of
July,
reflecting
the
company’s
commitment
to
a
full
HODL
strategy.
Additionally,
the
firm
energized
approximately
5,000
new
miners
while
optimizing
its
fleet
by
removing
and
relocating
around
10,000
existing
miners.
This
brought
the
operating
fleet
to
about
245,000
BTC
miners,
theoretically
capable
of
producing
31.8
EH/s.

The
company
held
$242.1
million
in
cash
and
cash
equivalents,
with
$230.1
million
being
unrestricted.
Combined
with
its
BTC
holdings,
Marathon’s
total
assets
amounted
to
approximately
$1.6
billion
as
of
July
31,
2024.

Future
Outlook

Marathon
aims
to
achieve
a
hash
rate
goal
of
50
exahashes
by
the
end
of
2024.
The
company
plans
to
continue
installing
and
energizing
miners
to
meet
this
target.
Marathon
also
intends
to
increase
the
percentage
of
owned
and
operated
sites
in
its
portfolio
to
achieve
cost
savings
on
a
cost-per-petahash
basis,
ultimately
positioning
itself
as
a
low-cost
operator
in
the
industry.

For
more
information,
visit
the
official

MARA
website.

Image
source:
Shutterstock