MARAs 2024 June Bitcoin Production and Mining Operations Update Announced

MARA Announces Bitcoin Production and Mining Operations Update for June 2024
Average operational hash rate increased by 2%, reaching 26.3 EH/s, BTC holdings increased to 18,536 BTC; as of June 30, 2024, total cash and BTC balance amounted to $1.4 billion.
FORT LAUDERDALE, Florida, July 3, 2024 (Global News) — Marathon Digital Holdings, Inc. (NASDAQ: MARA) (“MARA” or “the Company”), a global leader in using digital asset computing to support energy transition, today released its unaudited Bitcoin (“BTC”) production and mining operational update for June 2024.
Management Commentary
MARA Chairman and CEO Fred Thiel commented, “As a result of operational improvements in Hardin, with the facility fully operational as of early July, we doubled our average operational hash rate in June, reaching 26.3 exahash.” “Our proprietary mining pool performed well, capturing 158 blocks in the month, a 10% increase over last year. While our output decreased by 40% year-over-year to 590 bitcoins, primarily due to the halving in April, transaction fees accounted for nearly 7% of the total revenue. A specific transaction yielded a fee of 0.85 bitcoin, compared to an average of approximately 0.15 bitcoin, primarily due to our technological advantage, particularly Slipstream.
“Domestically, our team continues to use immersion cooling technology and the latest generation of hardware to optimize our recently acquired sites. With these advancements and fleet expansion, we remain on track to achieve our goal of 50 EH/s by year-end.
“Internationally, we announced the launch of a 200-megawatt pilot project in Finland, using digital asset computing to provide heat recovery for the community heating of 11,000 residents. Combining digital asset computing with regional heating can reduce carbon emissions, lower costs, and minimize waste heat, thereby enhancing industry and end-user sustainability and cost savings. We look forward to expanding our global footprint and becoming a leader in using digital asset computing to support energy transition.”
Operational Highlights and Updates
Chart 1: Operational Highlights
Year-over-year comparison June 2024 June 30, 2023 %Δ June 30, 2024 May 31, 2024 %Δ Bitcoin production 590 979 (40)% 590 616 (4)% Average daily production 19.7 32.6 (40)% 19.7 19.9 (1)% Available miner reward share 1 4.1% 3.5% N/A 4.1% 4.2% N/A Transaction fees as % of total amount 2 6.8% 5.5% N/A 6.8% 6.6% N/A Blocks won 2 158 144 10% 158 170 (7)% Incentive hash rate (EH/s) 3 31.5 17.7 78% 31.5 29.3 8% Average operational hash rate (EH/s) 4 26.3 13.0 102% 26.3 25.8 2% Installed hash rate (EH/s) 5 31.5 21.8 44% 31.5 30.5 3%
Defined as the total block reward, including transaction fees earned by MARA during the period, divided by the total block reward of the Bitcoin network during the period plus transaction fees. These metrics are limited to MARA Pool and exclude blocks won from joint ventures. Defined as the theoretically possible hash rate that could be generated if all powered miners, including possibly temporarily offline miners, were currently running. Hash rate is based on manufacturers’ specifications. All numbers are rounded. Defined as the average hash rate actually generated by all operational miners in the month. All numbers are estimates and rounded. Defined as the sum of the powered hash rate (see above) and the installed but not yet powered hash rate. Hash rate is based on manufacturers’ specifications. All numbers are rounded.
In June, MARA provided electricity to an additional approximately 13,000 miners (about 2 EH/s). As a result, MARA’s operational fleet increased to approximately 250,000 Bitcoin miners capable of producing 31.5 EH/s of Bitcoin. MARA achieved a peak total hash rate of 28.3 EH/s in June. Hash rate data is calculated based on manufacturers’ specifications.
Chart 2: Operational Details by Site
EH/s Hash Rate Installed Hash Rate Powered Hash Rate Average Running Hash Rate Powered Sites % June 2024 May 2024 June 2024 May 2024 June 2024 May 2024 Granbury TX MARA 4.3 3.9 4.3 3.6 3.8 85% 98% Garden City TX MARA 5.4 5.4 5.4 4.2 4.5 77% 83% Kearney NE MARA 2.8 2.3 2.3 2.3 1.9 82% 83% Total Powered 12.5 11.5 11.5 11.5 10.1 10.2 81% 89% Third-Party Hosted McCamey TX Hut 8 7.6 7.6 6.7 6.4 88% 85% Ellendale ND Application 7.7 7.7 6.5 5.6 81% 87% Jamestown ND Application 1.4 1.4 1.4 1.4 1.4 98% 98% All other various 2.3 2.3 2.3 2.1 2.2 92% 96% Total Third-Party Hosted 19.0 19.0 17.8 16.4 15.6 86% 88% Total 31.5 30.6 31.5 29.3 26.3 25.7 83% 88%
As of June 30, 2024, the Company held 18,536 unrestricted BTC. MARA chose not to sell any bitcoins in June. The Company intends to sell a portion of its bitcoin holdings in the future to support monthly operations, manage its funds, and for general corporate purposes. The Company also intends to continue strengthening its bitcoin holdings through strategic open market bitcoin purchases and investing in other opportunities that enhance bitcoin yield.
Financial Highlights and Updates
Chart 3: Financial Highlights
Year-over-year comparison June 2024 June 30, 2023 %Δ June 30, 2024 May 31, 2024 %Δ Total cash, cash equivalents and restricted cash (in millions) $268.0 $113.7 136% $268.0 $290.4 (8)% Unrestricted cash $256.0 $113.7 125% $256.0 $290.4
As of month-end, MARA held $268.0 million in cash and cash equivalents on its balance sheet, with $256.0 million unrestricted. The total balance of unrestricted cash and cash equivalents, as well as bitcoin, as of June 30, 2024, amounted to $1.4296 billion.
Recent Announcements
June 26 – Marathon Digital Holdings Announces Casper Mining Operations June 20 – Hash Heating: Digital Asset Computing Provides Sustainable Solution for Regional Heating June 5 – Marathon Digital Holdings Announces 2024 May Bitcoin Production and Mining Operations Update
Investor Notice: Investing in our securities involves high risk. Before making an investment decision, you should carefully consider the risks, uncertainties, and forward-looking statements described under the “Risk Factors” heading in our most recent 10-K annual report, as well as any other periodic reports we may file with the U.S. Securities and Exchange Commission (“SEC”). If these risks were to occur, our business, financial condition, or operating results may be adversely affected. In such case, the value of our securities may decrease, and you may lose all or part of your investment. The risks and uncertainties we describe are not the only ones we face. Other risks that we currently consider immaterial or that we do not currently know about may also impair our business operations. Additionally, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate future performance. See “Forward-Looking Statements” below.
The operational highlights and updates in this press release are related solely to our Bitcoin mining operations. For detailed information about our other businesses, please refer to our periodic reports filed with the U.S. Securities and Exchange Commission.
Forward-Looking Statements: This press release contains forward-looking statements within the meaning of federal securities laws. All statements in this press release, other than historical facts statements, are forward-looking statements. Words such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “believe,” “continue,” “target,” and similar expressions or variations or negatives of these words are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such forward-looking statements include statements regarding the expected timing and achievement of our growth targets, particularly related to our expected hash rate and exahash growth. Such forward-looking statements are based on the current expectations of management as of the date of this agreement, involve many risks and uncertainties, and may result in our actual results being significantly different from the results implied or expressed in the forward-looking statements. Subsequent events and developments, including changes in actual results or our assumptions, could cause our views to change. We do not undertake to update our forward-looking statements unless required by applicable law. Readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements contained herein are explicitly subject to these cautionary statements. Our actual results and outcomes may be materially different from the results and outcomes contained in these forward-looking statements due to various factors, including but not limited to the factors listed under the heading “Risk Factors” in our most recent 10-K annual report and any other periodic reports we may file with the U.S. Securities and Exchange Commission.
About MARA: MARA (NASDAQ: MARA) is a global leader in digital asset computing, developing and deploying innovative technologies to build a more sustainable and inclusive future. MARA ensures the world’s premier blockchain ledgers and supports energy transition by converting clean, stranded, or underutilized energy into economic value.
For more information, visit www.mara.com, or follow us on:
Twitter: @MarathonDH LinkedIn: www.LinkedIn.com/company/marathon-digital-holdings Facebook: www.Facebook.com/MarathonDigital-holdings Instagram: @MarathonDigitalHoldings
MARA Contact: Phone: 800-804-1690 Email: [email protected]
MARA Media Contact: Email: [email protected]