Marathon Digital Holdings makes significant progress in becoming a major and sustainable Bitcoin mining operation in North America, with increased production, hash rate, and financial strength.
Key Points
- Marathon Digital Holdings mined 979 Bitcoin in June, bringing their total production for the year to 5,120 BTC.
- The company saw an 8% increase in installed hash rate and a 16% increase in operational hash rate.
- Marathon’s joint venture in Abu Dhabi started mining operations and aims to reach 7 EH/s by year-end.
- Marathon disclosed $114 million in cash, increased Bitcoin holdings to 12,538 BTC, and expanded its operating fleet to 149,900 miners.
Marathon, a digital asset technology company, is making significant strides in becoming one of the largest and most sustainably powered Bitcoin mining operations in North America. The company is dedicated to supporting and securing the Bitcoin ecosystem.
In June 2023, Marathon Digital Holdings announced that it had successfully mined and created 979 Bitcoin (BTC). With this addition, the company’s total Bitcoin production for the year reached 5,120 BTC.
⚠️ JUST IN: Marathon Digital $MARA attributes a 21% decrease in #Bitcoin mining during June to adverse weather conditions – Cointelegraph
— BecauseBitcoin.com (@BecauseBitcoin) July 9, 2023
Increasing Hash Rate and Joint Venture in Abu Dhabi
Marathon reported an 8% increase in the installed hash rate, reaching 21.8 exahashes per second (EH/s). Additionally, the operational hash rate saw a 16% increase, amounting to 17.7 EH/s. The company’s joint venture in Abu Dhabi began its mining operations and is on track to achieve 7 EH/s by the end of the year.
As of June 30, 2023, Marathon disclosed that it had $114 million in unrestricted cash and cash equivalents. Furthermore, the company increased its unrestricted Bitcoin holdings to 12,538 BTC, which is equivalent to approximately $382 million.
The decrease in Bitcoin production compared to the previous month was attributed to weather-related curtailment in Texas and a significant reduction in transaction fees.
Expanding Operating Fleet
Marathon’s operating fleet now includes approximately 149,900 Bitcoin miners. With this expansion, the company theoretically has the capacity to produce around 17.7 EH/s, as of July 1, 2023.
During June, Marathon sold 700 BTC. The company plans to continue selling a portion of its Bitcoin holdings in the future to support monthly operations, manage its treasury, and fulfill general corporate purposes.
Marathon Digital Holdings is setting itself apart as a prominent player in the Bitcoin mining industry. With its commitment to sustainable operations and continuous growth, the company aims to strengthen and contribute to the Bitcoin ecosystem in North America.
