Marathon’s Bitcoin mining production reaches 702 BTC, valued at $20 million
Marathon Digital Holdings, a crypto mining firm, recently released its monthly review for April, reporting growth in some areas. The company’s Chairman and CEO, Fred Thiel, stated that they increased their operational hash rate to 14.0 exahashes in April, achieving 61% of their goal of 23 exahashes, and their installed hash rate to 17.9 exahashes, reaching 78% of the same goal.
The company produced 702 bitcoins in April, a 134% increase year-over-year but a decrease from the previous month due to upward adjustments in the network’s difficulty rate, curtailment activity, April having one less day than March, and the “luck factor.”
Marathon’s first domestic deployment of immersion mining came online in Jamestown, ND, in April, and the company witnessed an increase in its operational hash rate. The immersion deployment is part of Marathon’s broader strategy to use technological innovations to optimize the performance of its miners and improve the efficiency of its operations.
The company’s operating fleet increased to approximately 122,900 Bitcoin miners, theoretically capable of producing approximately 14.0 EH/s, according to the manufacturer’s specifications, as of May 1, 2023. Marathon expects approximately 66% of its hash rate to be generated by S19 XPs, which are approximately 30% more energy efficient than the prior generation of mining rigs, once all of its previously purchased miners are installed.
Marathon holds a total of 11,568 BTC, all of which are unrestricted, and the company sold 600 BTC in April. Marathon intends to sell a portion of its bitcoin holdings in future periods to support monthly operations, manage its treasury, and for general corporate purposes. The company ended the month with $123.5 million in unrestricted cash and cash equivalents on its balance sheet.
Investors are cautioned that investing in Marathon’s securities involves a high degree of risk. Before making an investment decision, they should carefully consider the risks, uncertainties, and forward-looking statements described under “Risk Factors” in Item 1A of the company’s most recent Annual Report on Form 10-K. Future changes in the network-wide mining difficulty rate or Bitcoin hash rate may also materially affect the future performance of Marathon’s production of bitcoin. The company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information, or otherwise.
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