Business
MARA Announces Bitcoin Production and Mining Operation Updates for July 2024
201 Blocks Won in July, 27% Increase M/MBTC Production of 692 BTC, 17% Increase M/MIncreased BTC Holdings to 20,818 BTC; Total Cash and BTC of $1.6B as of
About this update from Mara Holdings, Inc.
[{"type":"text","content":"201 Blocks Won in July, 27% Increase M/MBTC Production of 692 BTC, 17% Increase M/MIncreased BTC Holdings to 20,818 BTC; Total Cash and BTC of $1.6B as of July 31, 2024 Fort Lauderdale, FL, Aug. 06, 2024 (GLOBE NEWSWIRE) -- MARA (NASDAQ: MARA) (\"MARA\" or the \"Company\"), one of the world's largest publicly traded bitcoin (\"BTC\") miners and a leader in supporting and securing the Bitcoin ecosystem, today published unaudited BTC production and miner installation updates for July 2024. Management Commentary\"Our hash rate recovery effort at the Ellendale facility where we are hosted by Applied Digital is complete, and block wins in July increased 27% over the prior month,\" said Fred Thiel, MARA's chairman and CEO. \"BTC production last month rose 17% to 692 BTC compared to June, and our average operational hash rate grew 5% over the same period to 27.5 EH/s. We will continue to mine aggressively while global hash rate comes offline due to a lower BTC price and use all the tools at our disposal related to mining economics for maximum production. \"Domestically, we have begun deploying our own technology to improve the operations of our sites. We are transitioning a large portion of our Granbury site from air cooled to MARA's immersion containers. Due to these deployments, our Granbury hash rate was lower in July, and we expect to have temporary downtime at this location. The immersion containers will come online as they are completed, beginning with the first group of 18 that are energizing in August. This work is expected to be finished before year end. We remain focused on delivering on our 2024 hash rate goal of 50 exahash and continue to install and energize miners according to plan. \"We currently own and operate approximately 54% of the 1.1 gigawatts of power in our diversified portfolio of digital asset compute. We will continue making owned and operated sites a greater percentage of our fleet over time and expect to see cost savings on a cost per petahash basis as this occurs. Longer-term, our intention is to be amongst the lower cost operators in the industry.\" Operational Highlights and UpdatesFigure 1: Operational Highlights Year-Over-Year Comparison Prior Month Comparison Metric 7/31/2024 7/31/2023 % Δ 7/31/2024 6/30/2024 % Δ BTC Produced 692 1,176 (41)% 692 590 17%Average BTC Produced per Day 22.3 37.9 (41)% 22.3...