Business
Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for October 2023
- Produced 1,202 BTC in October 2023 and 9,812 BTC Year-to-Date - Garden City Energization Underway; Full 4.1 EH/s Expected by November Month-End - Combined
About this update from Mara Holdings, Inc.
[{"type":"text","content":"- Produced 1,202 BTC in October 2023 and 9,812 BTC Year-to-Date - Garden City Energization Underway; Full 4.1 EH/s Expected by November Month-End - Combined Unrestricted Cash and Bitcoin Was $620 Million as of October 31, 2023 Fort Lauderdale, FL, Nov. 03, 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 October 2023. Management Commentary“In October, we increased our energized hash rate 1% to 19.2 exahashes as the facility in Garden City, Texas, where we have 4.1 exahashes of miners installed, began to come online,” said Fred Thiel, Marathon’s chairman and CEO. “Once this facility is fully operational later this month, we will have surpassed our 23 exahash target and solidified Marathon as the largest publicly traded Bitcoin miner in North America. “By increasing our hash rate and continuing to improve our operations at the facility in McCamey, Texas and elsewhere, we earned 4.0% of the total Bitcoin network’s available miner rewards and produced 1,202 bitcoin in October. This total includes 18 bitcoin from our 20% share of the JV in Abu Dhabi. We now have 2.3 exahashes online in Abu Dhabi as our second, larger facility in Masdar City has begun powering up. We continue to expect the full 7.0 exahashes in the UAE to be online by year-end. “We have also been exploring new methods of mining that we believe may allow us to further diversify our operations, reduce our energy costs, and increase our sustainable energy mix. We recently announced a pilot project in Utah that is exclusively powered by landfill methane gas. Naturally produced methane is often stranded, and Bitcoin miners like Marathon are uniquely positioned to help capture and convert this environmentally harmful gas into clean, renewable energy. We look forward to sharing more of the many innovative mining projects that we are exploring in the months ahead.” Operational Highlights and Updates Figure 1: U.S. Operational Highlights Metric 10/31/2023 10/31/2022 % Δ 10/31/2023 9/30/2023 % Δ Bitcoin Produced - U.S. Only 1,184 615 92% 1,184 1,232 -4%Average Bitcoin Produced per Day 38.2 19.8 92% 38.2 41.1 -7%Share of available miner rewards1 4.0% 0.7% 457% 4.0% 3.3% 24%Energized...