Business
Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for November 2023
- Garden City Fully Energized; Grew Hash Rate to 23.7 EH/s - Produced 1,187 BTC in November 2023 and 10,999 BTC Year-to-Date - Combined Unrestricted Cash and
About this update from Mara Holdings, Inc.
[{"type":"text","content":"- Garden City Fully Energized; Grew Hash Rate to 23.7 EH/s - Produced 1,187 BTC in November 2023 and 10,999 BTC Year-to-Date - Combined Unrestricted Cash and Bitcoin Was $802.3 Million as of November 30, 2023 Fort Lauderdale, FL, Dec. 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 November 2023. Management Commentary“In November, we increased our domestic energized hash rate 20% to 23.1 exahashes as energization of the facility in Garden City, Texas is complete,” said Fred Thiel, Marathon’s chairman and CEO. “We have now reached our 23 exahash goal and extended our lead as the largest bitcoin miner in North America. “Outside the US, we made further progress in Abu Dhabi where we now have 2.5 exahashes online. This total includes 10,000 rigs energized at our second, larger facility in Masdar City, and the remaining 4.6 exahashes are expected to be online by January 2024. Our new joint venture in Paraguay also started up in November with 1,170 miners energized representing 0.2 exahash. The full 1.1 exahashes are expected to be online by early Q2 2024. “With our increasing hash rate and continued efficiency gains, we produced 1,187 bitcoin in November, down 1% from October against a 9% sequential increase in network difficulty. This total includes 33 bitcoin from our 20% share of the JV in Abu Dhabi and 3.5 bitcoin from our 80% share of the JV in Paraguay. In the US, we mined 1,151 bitcoin in November which includes approximately 135 bitcoin or 12.0% of the total from transaction fees due to increased network activity. “We continue to explore innovative ways to lower our power costs and increase our mix of sustainable energy. Our landfill pilot in Utah is powered by waste methane gas with an average cost per coin below $10,000. The new joint venture in Paraguay is 100% powered by hydroelectricity with power costs below $0.04 per kilowatt hour. We are also making progress on finding ways to leverage the heat off take from Bitcoin mining to further improve the economics around renewable energy development. We look forward to sharing more details on the many innovative projects that we are exploring in the months ahead.” Operational...