Marathon Digital (MARA) Reports June 2024 Bitcoin Production Increase

Marathon
Digital
Holdings,
Inc.
(NASDAQ:
MARA),
a
leading
company
in
digital
asset
mining,
has
released
its
unaudited
Bitcoin
(BTC)
production
and
miner
installation
updates
for
June
2024.
The
company
reported
a
2%
month-over-month
increase
in
its
average
operational
hash
rate,
reaching
26.3
exahashes
per
second
(EH/s).
As
of
the
end
of
June,
Marathon’s
BTC
holdings
stood
at
18,536,
with
a
total
cash
and
Bitcoin
value
of
$1.4
billion.

Operational
Performance
and
Enhancements

According
to
Marathon,
operational
improvements
at
its
Ellendale
facility,
which
became
fully
operational
in
early
July,
were
a
significant
factor
in
the
increased
hash
rate.
This
facility’s
performance
contributed
to
doubling
the
company’s
average
operational
hash
rate
year-over-year
in
June.
Marathon’s
proprietary
mining
pool
captured
158
blocks
during
the
month,
marking
a
10%
increase
over
the
previous
year.
However,
the
company
experienced
a
40%
drop
in
Bitcoin
production
year-over-year,
producing
590
BTC,
primarily
due
to
the
Bitcoin
halving
event
in
April.

Technological
Advancements

Fred
Thiel,
Chairman
and
CEO
of
Marathon,
highlighted
the
company’s
technological
advancements,
particularly
the
implementation
of
Slipstream,
which
played
a
crucial
role
in
optimizing
transaction
fees.
One
specific
transaction
generated
a
fee
of
0.85
BTC,
significantly
higher
than
the
average
fee
of
0.15
BTC.

Thiel
also
mentioned
ongoing
efforts
to
optimize
newly
acquired
sites
with
immersion
cooling
technology
and
the
latest
hardware.
These
advancements
are
expected
to
help
Marathon
achieve
its
target
of
50
EH/s
by
the
end
of
the
year.

International
Expansion

On
the
international
front,
Marathon
announced
the
launch
of
a
2-megawatt
pilot
project
in
Finland.
This
project
aims
to
utilize
recycled
heat
from
digital
asset
computing
to
warm
a
community
of
11,000
residents.
The
integration
of
digital
asset
compute
with
district
heating
is
anticipated
to
reduce
carbon
emissions,
lower
costs,
and
minimize
waste
heat,
thereby
enhancing
sustainability
and
economic
savings
for
both
industries
and
end-users.

Operational
Highlights

In
June,
Marathon
energized
approximately
13,000
additional
miners,
adding
around
2
EH/s
to
its
operating
fleet,
which
now
consists
of
approximately
250,000
Bitcoin
miners
capable
of
producing
31.5
EH/s.
The
company
achieved
a
peak
overall
hash
rate
of
28.3
EH/s
during
the
month.

Financial
Highlights

As
of
June
30,
2024,
Marathon
held
$268
million
in
cash
and
cash
equivalents,
with
$256
million
being
unrestricted.
The
combined
balance
of
unrestricted
cash
and
Bitcoin
was
$1,429.6
million.

Future
Prospects

Marathon
plans
to
continue
selling
a
portion
of
its
Bitcoin
holdings
to
support
monthly
operations,
manage
its
treasury,
and
for
general
corporate
purposes.
The
company
also
intends
to
strengthen
its
Bitcoin
holdings
through
strategic
acquisitions
and
investments
aimed
at
increasing
its
Bitcoin
yield.

For
more
detailed
information,
visit
the

official
press
release.

Image
source:
Shutterstock