Marathon Digital Holdings, Inc. has announced its latest updates on bitcoin production and miner installations for June 2024, revealing notable developments in its operational metrics. The company reported a modest increase in its operational hashrate, alongside a substantial holding of 18,536 BTC.
During June 2024, Marathon’s (Nasdaq: MARA) average operational hashrate rose by 2% compared to the previous month, reaching 26.3 exahash per second (EH/s). This uptick was attributed to enhanced operations and the full functionality of its Ellendale facility. However, the company noted a significant 40% year-over-year decline in bitcoin production, yielding 590 BTC due to the effects of the April halving. Transaction fees constituted nearly 7% of the total production, with a single fee amounting to 0.85 BTC.
The earnings report underscored Marathon Digital’s ongoing efforts to bolster its mining capabilities both domestically and abroad. Domestically, the company focused on optimizing its sites through immersion cooling technology and cutting-edge hardware, aiming to achieve a target hashrate of 50 EH/s by year-end. Internationally, Marathon launched a pioneering 2-megawatt initiative in Finland, harnessing recycled heat from digital asset computing to benefit local communities by promoting sustainability and reducing carbon footprints.
Fred Thiel, Marathon’s chairman and CEO, highlighted the operational improvements in Ellendale, noting that the facility’s full operational status as of July contributed to a doubling of the average operational hashrate year-over-year, reaching 26.3 exahash in June.
As of the end of June 2024, Marathon’s bitcoin holdings totaled 18,536 BTC, with a combined cash and bitcoin balance equivalent to $1.4 billion. The company intends to sell a portion of its BTC holdings to support operational needs and general corporate initiatives, while also exploring opportunities to enhance its bitcoin yield through strategic acquisitions.
On Wednesday, MARA shares on Nasdaq experienced a 3.6% decline by 10 a.m. EDT.
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