Business
Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for August 2023
- Secured Miners for 5 EH/s Additional Hash Rate - Produced 1,072 BTC in August 2023 and 7,368 BTC Year-To-Date - Combined Unrestricted Cash and Bitcoin Was
About this update from Mara Holdings, Inc.
[{"type":"text","content":"- Secured Miners for 5 EH/s Additional Hash Rate - Produced 1,072 BTC in August 2023 and 7,368 BTC Year-To-Date - Combined Unrestricted Cash and Bitcoin Was $445 Million as of August 31, 2023 Fort Lauderdale, FL , Sept. 05, 2023 (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 2023. Management Commentary “We produced 1,072 bitcoin in August, which is a 9% decrease from last month and a more than fivefold increase from August of last year,” said Fred Thiel, Marathon’s chairman and CEO. “The decrease in bitcoin production from July was largely due to increased curtailment activity in Texas due to record high temperatures. These temporary shutdowns more than offset the progress we have made to increase our operational hash rate and optimize our operations. “In August, we increased our U.S. operational hash rate 2% month-over-month to 19.1 exahashes, and we increased our installed hash rate 1% month-over-month to 23.1 exahashes. The sequential increase is primarily due to swapping BITMAIN S19 J Pro miners for more efficient S19 XPs. We are still waiting for the facility in Garden City, Texas to come online as Applied Digital and the utility provider are still finalizing paperwork. Based on the latest updates, we continue to believe energization is imminent. “We also saw continued progress at our joint venture in Abu Dhabi which began hashing in July and mined 50 bitcoin in August of which approximately 10 bitcoin is our share. The JV’s operational hash rate grew to 1.5 exahashes, and we continue to expect the project’s full 7.0 exahashes to be online before year-end 2023. “During August, we reached our primary domestic growth target of 23 exahashes on an installed basis. As we look to our next growth target, I am pleased to announce that we have secured miners in the ordinary course of business for the next 5 exahashes of hash rate growth. With 23 exahashes installed domestically, two exahashes planned internationally, and an additional five exahashes of capacity contracted for, Marathon’s total anticipated hash rate, once fully deployed, is now 30 exahashes.” Operational Highlights and Updates Figure 1: U.S. Operational Highlights Me...