Marathon Digital Holdings Announces Bitcoin (BTC) Production and Mining Operation Updates

Marathon Digital Holdings, Inc. (NASDAQ: MARA), one of the world’s largest publicly traded Bitcoin miners and a leader in supporting and securing the Bitcoin ecosystem, today published unaudited bitcoin (BTC) production and miner installation updates for April 2024.

Fred Thiel, Marathon‘s chairman and CEO said:

“With capacity in Ellendale coming back online and improvements made at other sites, we increased our average operational hash rate 15% in April to 21.1 exahash and increased our bitcoin production 21% to 850 bitcoin. In April, we achieved an all time operating hash rate high of 25.9 exahash. Transaction fees also reached all time highs around the Halving, which we were able to capitalize on with our Slipstream service and our proprietary mining pool. Just before the Halving, we earned an additional 4.25 bitcoin from Slipstream alone, and MARA Pool outperformed, capturing one block with 10 bitcoin and another with 16 bitcoin in transaction fees. Ultimately, transaction fees accounted for approximately 16% of the bitcoin we earned in April.”

As noted in the update:

“We continued to expand into the available capacity at our recently acquired sites, including those at Kearney and Garden City. During April, we successfully energized approximately 2 exahash worth of miners at various locations, which includes the 9,500 machines we relocated from Ellendale to Garden City.”

As mentioned in the announcement:

“While last month’s Halving event will reduce bitcoin production for all miners, we are accelerating our growth plans to mitigate the impact. Given the amount of capacity we have available following our recent acquisitions and the amount of hash rate we have access to through current machine orders and options, we now believe it is possible for us to double the scale of Marathon’s mining operations in 2024 and achieve 50 exahash by the end of the year. With this growth fully funded based on our current liquidity, we look forward to improving our position as a leader in converting underutilized energy into economic value.”

In April, Marathon energized “approximately 14,000 additional miners (c. 2.0 EH/s), 9,500 of which were successfully relocated from Ellendale to Garden City.”

As a result, Marathon’s operating fleet increased “to approximately 240,000 Bitcoin miners, theoretically capable of producing 29.9 EH/s.”

In April, Marathon also achieved “an all time operating hash rate high of 25.9 EH/s. Hash rate figures are calculated according to the manufacturers’ specifications.”

As of April 30, 2024 the company holds “a total of 17,631 unrestricted BTC. Marathon opted to sell 600 bitcoin in April.”

The company still intends to sell “a portion of its bitcoin holdings in future periods to support monthly operations, manage its treasury, and for general corporate purposes.”

Marathon held $145.3 million “in cash and cash equivalents on its balance sheet at month end, $133.3 of which was unrestricted.”

During April, the combined balance of “unrestricted cash and cash equivalents and bitcoin decreased from $1,563.4 million to $1,214.1 million at April 30, 2024.”

Marathon is a digital asset technology company that “focuses on supporting and securing the Bitcoin ecosystem.”

The company is currently in “the process of becoming one of the largest and most sustainably powered Bitcoin mining operations in North America.”


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