Business
Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for August 2022
Approximately 25,000 Miners (c. 2.5 EH/s) Are Energized in August as Bitcoin Production Improves to 184 BTC LAS VEGAS, Sept. 06, 2022 (GLOBE NEWSWIRE) --
About this update from Mara Holdings, Inc.
[{"type":"text","content":"Approximately 25,000 Miners (c. 2.5 EH/s) Are Energized in August as Bitcoin Production Improves to 184 BTC\nLAS VEGAS, Sept. 06, 2022 (GLOBE NEWSWIRE) -- Marathon Digital Holdings, Inc. (NASDAQ:MARA) (\"Marathon\" or \"Company\"), a leader in supporting and securing the Bitcoin ecosystem, today published unaudited bitcoin (“BTC”) production and miner installation updates for August 2022. Management Commentary“In August, we continued to install and energize miners with our hosting providers, increasing our hash rate and steadily improving our bitcoin production,” said Fred Thiel, Marathon’s chairman and CEO. “During the month, approximately 25,000 of our previously installed miners were successfully energized, increasing our hash rate back to approximately 3.2 exahashes per second with our operating mining fleet consisting of approximately 34,000 miners as of August 31. As a result, we produced 184 BTC in August. \"Our hosting providers have continued to install miners at multiple locations. Based on their latest reports, we expect to have approximately 65,000 additional miners, or approximately 6.9 exahashes per second of capacity, brought online at multiple facilities over the next 90 days. With installations and construction of new facilities progressing, these operational advances provide us with confidence that we are on pace to reach our primary target of approximately 23 exahashes per second of capacity near the middle of 2023, at which point, Marathon’s operations are expected to be not only among the largest, but among the most energy efficient on a per terahash basis.” August 2022 and Recent Highlights Operating mining fleet consists of approximately 34,000 active miners, producing approximately 3.2 EH/s, after approximately 25,000 miners (c. 2.5 EH/s) are successfully energized in AugustApproximately 65,000 additional miners (c. 6.9 EH/s) are expected to be energized over the next 90 daysProduced 184 bitcoin in August 2022; year-to-date through August 31, 2022, produced 2,222 bitcoin, a 26% increase over the same time period in the prior yearBenefitted from a downward market price adjustment for the S19 XPs set to ship in September; benefits from price adjustments expected to continue as additional XPs are shipped in the October – December timeframeTotal bitcoin holdings increased to 10,311 BTC with a fair market valu...