Marathon Digital Reports June Bitcoin Mining & July Updates

Today, Nasdaq-traded MARA (Marathon Digital Holdings, Inc.) has published its Bitcoin production and miner installation updates for June 2024. Fred Thiel, MARA’s chairman and CEO, states that “Due to operational improvements in Ellendale and the facility being fully operational as of the beginning of July, we doubled our average operational hash rate year-over-year in June to 26.3 exahash.” 

MARA increased Bitcoin holdings to 18,536 BTC

MARA’s chairman and CEO notes that their mining pool mined 158 blocks a month, a 10% increase over last year. However, MARA’s production has fallen 40% year over year to 590 BTC.

MARA's production has fallen 40% year over year to 590 BTC

This year, MARA launched a 2-megawatt pilot project in Finland for 11,000 residents from their excess BTC mining energy. MARA’s CEO adds, “We look forward to expanding our global presence as a leader in leveraging digital asset compute to support the energy transformation.”

According to the report, MARA took in 13,000 additional miners.  As a result, MARA’s operating fleet grew to almost 250,000 Bitcoin miners capable of producing 31.5 EH/s.  In addition, MARA reached its highest total hash rate of 28.3 EH/s in June. 

MARA reached its highest total hash rate of 28.3 EH/s in June

Miners have faced the worst of the failed BTC halving, with many going bankrupt. The returns are not as promised. BTC’s volatility has been at an all-time high, falling under $60,000 today.

With the current market movement, MARA has opted not to sell any of its Bitcoin. The entity reports 18,536 unrestricted BTC holdings as of June 30, 2024. MARA opted not to sell any Bitcoin in June, but there are future plans. The report reads: “The Company still intends to sell a portion of its Bitcoin holdings in future periods to support monthly operations, manage its treasury, and for general corporate purposes.”

Some BTC mining firms have closed shop, but MARA has decided to remain active in the crypto market. They add, “The Company also intends to continue strengthening its bitcoin holdings through strategic open-market bitcoin acquisitions and investing in other opportunities to increase its yield.”

Advertisement

Also Read: Ethereum Dominates Blockchain Fee Revenue, Bitcoin & Tron Follow

Florence Muchai

Florence Muchai is an experienced crypto journalist with 4 years experience in Crypto, Blockchain, Web3, NFT and AI. Florence holds a Bachelor's Degree in Disaster Management and International Diplomacy. She also has a Master's Degree in Clinical Psychology. Florence enjoys being a digital nomad and her writings tell value, wealth and in-depth understanding of decentralized and traditional finance.

Related Articles

Back to top button