Marathon Digital Holdings, Inc.
(NASDAQ: MARA) ("MARA” or
the "Company"), a global leader in leveraging digital
asset compute to support the energy transformation, today published
unaudited bitcoin (“BTC”) production and miner installation updates
for June 2024.
Management Commentary"Due to
operational improvements in Ellendale and the facility being fully
operational as of the beginning of July, we doubled our average
operational hash rate year-over-year in June to 26.3 exahash," said
Fred Thiel, MARA’s chairman and CEO. "Our proprietary mining pool
outperformed, capturing 158 blocks during the month, a 10% increase
over last year. And while our production fell by 40% year-over-year
to 590 bitcoin, primarily due to the April Halving, transaction
fees accounted for almost 7% of the total. One particular
transaction generated a fee of 0.85 BTC compared to the average of
approximately 0.15 BTC, primarily due to our technology advantage,
most notably Slipstream.
"Domestically, our team continues to optimize
our recently acquired sites with immersion cooling technology and
the latest generation hardware. With these advancements and the
expansion of our fleet, we remain on track to reach our target of
50 EH/s by the end of this year.
"In our international business, we announced the
launch of a 2-megawatt pilot project in Finland to warm a community
of 11,000 residents with recycled heat from digital asset
computing. Integrating digital asset compute with district heating
can reduce carbon emissions, lower costs, and minimize waste heat,
leading to enhanced sustainability and economic savings for both
industries and end-users. We look forward to expanding our global
presence as a leader in leveraging digital asset compute to support
the energy transformation."
Operational Highlights and
Updates
Figure 1: Operational Highlights
|
|
Year-Over-Year Comparison |
|
|
Prior Month Comparison |
|
Metric |
|
6/30/2024 |
|
|
6/30/2023 |
|
|
% Δ |
|
|
6/30/2024 |
|
|
5/31/2024 |
|
|
% Δ |
|
Bitcoin
Produced |
|
|
590 |
|
|
|
979 |
|
|
|
(40 |
)% |
|
|
590 |
|
|
|
616 |
|
|
|
(4 |
)% |
Average Bitcoin Produced per Day |
|
|
19.7 |
|
|
|
32.6 |
|
|
|
(40 |
)% |
|
|
19.7 |
|
|
|
19.9 |
|
|
|
(1 |
)% |
Share of available miner rewards 1 |
|
|
4.1 |
% |
|
|
3.5 |
% |
|
|
NA |
|
|
|
4.1 |
% |
|
|
4.2 |
% |
|
|
NA |
|
Transaction Fees as % of Total 2 |
|
|
6.8 |
% |
|
|
5.5 |
% |
|
|
NA |
|
|
|
6.8 |
% |
|
|
6.6 |
% |
|
|
NA |
|
Number of Blocks Won 2 |
|
|
158 |
|
|
|
144 |
|
|
|
10 |
% |
|
|
158 |
|
|
|
170 |
|
|
|
(7 |
)% |
Energized 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 amount of
block rewards including transaction fees that MARA earned during
the period divided by the total amount of block rewards and
transaction fees awarded by the Bitcoin network during the
period.
- These metrics are MARAPool only and
do not include blocks won from joint ventures.
- Defined as the amount of hash rate
that could theoretically be generated if all miners that have been
energized are currently in operation including miners that may be
temporarily offline. Hash rates are estimates based on the
manufacturers' specifications. All figures are rounded.
- Defined as the average hash rate
that was actually generated during the month from all operational
miners. All figures are estimates and are rounded.
- Defined as the sum of energized
hash rate (see above) and hash rate that has been installed but not
yet energized. Hash rates are estimates based on the manufacturers'
specifications. All figures are rounded.
In June, MARA energized approximately 13,000
additional miners (c. 2 EH/s). As a result, MARA's operating fleet
increased to approximately 250,000 Bitcoin miners capable of
producing 31.5 EH/s. In June, MARA achieved a peak overall hash
rate of 28.3 EH/s. Hash rate figures are calculated according to
the manufacturers' specifications.
Figure 2: Operational Details by Site
Hash Rates in
EH/s |
|
Installed Hash Rate |
|
|
Energized Hash Rate |
|
|
Avg Operating Hash Rate |
|
|
Avg % of Energized |
|
Site |
|
State |
|
Host |
|
Jun 2024 |
|
|
May 2024 |
|
|
Jun 2024 |
|
|
May 2024 |
|
|
Jun 2024 |
|
|
May 2024 |
|
|
Jun 2024 |
|
|
May 2024 |
|
Owned
Operated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Granbury |
|
TX |
|
MARA |
|
|
4.3 |
|
|
|
3.9 |
|
|
|
4.3 |
|
|
|
3.9 |
|
|
|
3.6 |
|
|
|
3.8 |
|
|
|
85 |
% |
|
|
98 |
% |
Garden City |
|
TX |
|
MARA |
|
|
5.4 |
|
|
|
5.4 |
|
|
|
5.4 |
|
|
|
5.4 |
|
|
|
4.2 |
|
|
|
4.5 |
|
|
|
77 |
% |
|
|
83 |
% |
Kearney |
|
NE |
|
MARA |
|
|
2.8 |
|
|
|
2.3 |
|
|
|
2.8 |
|
|
|
2.3 |
|
|
|
2.3 |
|
|
|
1.9 |
|
|
|
82 |
% |
|
|
83 |
% |
Total owned operated |
|
|
12.5 |
|
|
|
11.5 |
|
|
|
12.5 |
|
|
|
11.5 |
|
|
|
10.1 |
|
|
|
10.2 |
|
|
|
81 |
% |
|
|
89 |
% |
Third-party
Hosted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
McCamey |
|
TX |
|
Hut 8 |
|
|
7.6 |
|
|
|
7.6 |
|
|
|
7.6 |
|
|
|
7.6 |
|
|
|
6.7 |
|
|
|
6.4 |
|
|
|
88 |
% |
|
|
85 |
% |
Ellendale |
|
ND |
|
Applied |
|
|
7.7 |
|
|
|
7.7 |
|
|
|
7.7 |
|
|
|
6.5 |
|
|
|
6.2 |
|
|
|
5.6 |
|
|
|
81 |
% |
|
|
87 |
% |
Jamestown |
|
ND |
|
Applied |
|
|
1.4 |
|
|
|
1.4 |
|
|
|
1.4 |
|
|
|
1.4 |
|
|
|
1.4 |
|
|
|
1.4 |
|
|
|
98 |
% |
|
|
98 |
% |
All Other |
|
|
|
Various |
|
|
2.3 |
|
|
|
2.3 |
|
|
|
2.3 |
|
|
|
2.3 |
|
|
|
2.1 |
|
|
|
2.2 |
|
|
|
92 |
% |
|
|
96 |
% |
Total third-party hosted |
|
|
19.0 |
|
|
|
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 holds a
total of 18,536 unrestricted BTC. MARA opted not to sell any
bitcoin in June. 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. The
Company also intends to continue strengthening its bitcoin holdings
through strategic open-market bitcoin acquisitions and investing in
other opportunities to increase its bitcoin yield.
Financial Highlights and
UpdatesFigure 3: Financial Highlights
|
|
Year-Over-Year Comparison |
|
|
Prior Month Comparison |
|
Metric |
|
6/30/2024 |
|
|
6/30/2023 |
|
|
% Δ |
|
|
6/30/2024 |
|
|
5/31/2024 |
|
|
% Δ |
|
Total Cash,
Cash Equivalents & 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 |
|
|
|
(12 |
)% |
Restricted Cash |
|
|
12.0 |
|
|
|
— |
|
|
|
NA |
|
|
|
12.0 |
|
|
|
— |
|
|
|
NA |
|
Total BTC Holdings (in
whole numbers) |
|
|
18,536 |
|
|
|
12,538 |
|
|
|
48 |
% |
|
|
18,536 |
|
|
|
17,857 |
|
|
|
4 |
% |
Unrestricted BTC Holdings |
|
|
18,536 |
|
|
|
12,538 |
|
|
|
48 |
% |
|
|
18,536 |
|
|
|
17,857 |
|
|
|
4 |
% |
Restricted BTC Holdings |
|
|
— |
|
|
|
— |
|
|
|
NA |
|
|
|
— |
|
|
|
— |
|
|
|
NA |
|
Pledged BTC Holdings |
|
|
— |
|
|
|
— |
|
|
|
NA |
|
|
|
— |
|
|
|
— |
|
|
|
NA |
|
MARA held $268.0 million in cash and cash
equivalents on its balance sheet at month end, $256.0 million of
which was unrestricted. At June 30, 2024, the combined balance of
unrestricted cash and cash equivalents and bitcoin was $1,429.6
million.
Recent Announcements
- June 26 - Marathon Digital Holdings Announces Kaspa Mining
Operations
- June 20 - Heating with Hashes: Digital Asset Compute Offers a
Sustainable Solution for District Heating
- June 5 - Marathon Digital Holdings Announces Bitcoin Production
and Mining Operation Updates for May 2024
Investor NoticeInvesting in our
securities involves a high degree of risk. Before making an
investment decision, you should carefully consider the risks,
uncertainties and forward-looking statements described under the
heading "Risk Factors" in our most recent annual report on Form
10-K, and any other periodic reports that we may file with the U.S.
Securities and Exchange Commission (the “SEC”). If any of these
risks were to occur, our business, financial condition or results
of operations would likely suffer. In that event, the value of our
securities could decline, and you could lose part or all of your
investment. The risks and uncertainties we describe are not the
only ones facing us. Additional risks not presently known to us or
that we currently deem immaterial may also impair our business
operations. In addition, our past financial performance may not be
a reliable indicator of future performance, and historical trends
should not be used to anticipate results in the future. See
"Forward-Looking Statements" below.
The operational highlights and updates presented
in this press release pertain solely to our bitcoin mining
operations. Detailed information regarding our other operations can
be found in our periodic reports filed with the SEC.
Forward-Looking StatementsThis
press release contains forward-looking statements within the
meaning of the federal securities laws. All statements, other than
statements of historical fact, included in this press release are
forward-looking statements. The words “may,” “will,” “could,”
“anticipate,” “expect,” “intend,” “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, among other things,
statements related to the expected timing and achievement of our
growth targets, specifically relating to our anticipated hash rate
and exahash growth. Such forward-looking statements are based on
management’s current expectations about future events as of the
date hereof and involve many risks and uncertainties that could
cause our actual results to differ materially from those expressed
or implied in our forward-looking statements. Subsequent events and
developments, including actual results or changes in our
assumptions, may cause our views to change. We do not undertake to
update our forward-looking statements except to the extent required
by applicable law. Readers are cautioned not to place undue
reliance on such forward-looking statements. All forward-looking
statements included herein are expressly qualified in their
entirety by these cautionary statements. Our actual results and
outcomes could differ materially from those included in these
forward-looking statements as a result of various factors,
including, but not limited to, the factors set forth under the
heading “Risk Factors” in our most recent annual report on Form
10-K, and any other periodic reports that we may file with the
SEC.
About MARA MARA (NASDAQ:MARA)
is a global leader in digital asset compute that develops and
deploys innovative technologies to build a more sustainable and
inclusive future. MARA secures the world’s preeminent blockchain
ledger and supports the energy transformation by converting clean,
stranded, or otherwise underutilized energy into economic
value.
For more information, visit www.mara.com, or
follow us on:
Twitter: @MarathonDHLinkedIn:
www.linkedin.com/company/marathon-digital-holdings Facebook:
www.facebook.com/MarathonDigitalHoldings Instagram:
@marathondigitalholdings
MARA Company Contact:
Telephone: 800-804-1690Email: ir@mara.com
MARA Media Contact:Email:
mara@wachsman.com
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