Marathon Digital Holdings, Inc. (NASDAQ: MARA), a leading digital asset mining company, has released its unaudited Bitcoin (BTC) production and mining rig updates for June 2024. The company reported a 2% month-over-month increase in average operational hash rate, which reached 26.3 exahashes per second (EH/s). At 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 improvements
According to Marathon, operational improvements at the Ellendale facility, which became fully operational in early July, were a major factor in the increased hash rate. The performance of this facility helped double the company’s average annualized operating hash rate in June. Marathon’s own mining pool captured 158 blocks during the month, a 10% increase from the previous year. However, the company experienced a 40% year-over-year decline in Bitcoin production, producing 590 BTC, mainly due to the Bitcoin halving in April.
Technological advancement
Fred Thiel, chairman and CEO of Marathon, highlighted the company’s technological advancements, especially the implementation of Slipstream, which played a critical role in optimizing transaction costs. 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 locations with immersion cooling technology and the latest hardware. These improvements are expected to help Marathon reach its goal of 50 EH/s by the end of the year.
International expansion
Internationally, Marathon announced the launch of a 2 megawatt pilot project in Finland. This project aims to use the recycled heat from digital asset computing to heat a community of 11,000 residents. The integration of digital asset compute with district heating is expected to reduce CO2 emissions, reduce costs and minimize waste heat, increasing sustainability and economic savings for both industries and end-users.
Operational highlights
| Metric | 06/30/2024 | 06/30/2023 | % Change | 05/31/2024 | % Change |
|---|---|---|---|---|---|
| Bitcoin produced | 590 | 979 | -40% | 616 | -4% |
| Average Bitcoin produced per day | 19.7 | 32.6 | -40% | 19.9 | -1% |
| Transaction costs as % of the total | 6.8% | 5.5% | AFTER | 6.6% | AFTER |
| Number of blocks won | 158 | 144 | 10% | 170 | -7% |
| Average operational hash rate (EH/s) | 26.3 | 13.0 | 102% | 25.8 | 2% |
In June, Marathon powered approximately 13,000 additional miners, adding approximately 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 total hash rate of 28.3 EH/s during the month.
financial highlights
| Metric | 06/30/2024 | 06/30/2023 | % Change | 05/31/2024 | % Change |
|---|---|---|---|---|---|
| Total cash, cash equivalents and restricted cash ($, in millions) | $268.0 | $113.7 | 136% | $290.4 | -8% |
| Total BTC holdings | 18,536 | 12,538 | 48% | 17,857 | 4% |
As of June 30, 2024, Marathon held $268 million in cash and cash equivalents, of which $256 million was unrestricted. The combined balance of unlimited 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 plans to strengthen its Bitcoin holdings through strategic acquisitions and investments aimed at increasing its Bitcoin returns.
For more detailed information, visit the official press release.
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