Marathon Digital Holdings Sets New Bitcoin Mining Records In July 2023

Key Points:

• Marathon Digital Holdings achieved a record 1,176 BTC mined in July 2023, a 20% increase from the previous month and a 1,527% increase from last year.
• The operational hash rate rose by 6%, and the installed hash rate by 5%, driven by the fully operational Ellendale facility in North Dakota.
• The company owns 12,964 BTC and plans to sell some holdings for operational support and corporate purposes.

Marathon Digital Holdings, a prominent player in the Bitcoin ecosystem, announced impressive updates regarding its Bitcoin (BTC) production and mining activities in July 2023. The company reported a significant increase in mined BTC, marking a remarkable growth trajectory for the month.

In July, Marathon mined a total of 1,176 BTC, representing a 20 percent surge from the previous month and a staggering 1,527 percent surge compared to the same period last year. This remarkable increase can be attributed to the implementation of enhanced operational computing power and improved system uptime.

One of the key contributors to this achievement was the boost in the company’s operating hash rate, which rose by 6% to reach 18.8 exahashes per second (EH/s). Furthermore, the installed hash rate also witnessed a 5% increase, reaching 22.8 EH/s. The expansion was largely due to the successful completion of the Ellendale facility in North Dakota. With all six buildings now fully operational at Ellendale, the facility contributed an additional 7.6 EH/s to the company’s overall operational capacity.

Marathon Digital Holdings now boasts ownership of an impressive 12,964 BTC as of August 1, 2023. To support its monthly operations, manage finances, and for general corporate purposes, the company opted to sell 750 BTC during the month of July. Additionally, Marathon has plans to sell some of its Bitcoin holdings in the future.

The company’s financial position has also seen a noteworthy improvement. As of July 31, 2023, Marathon reported $129.4 million in cash and cash equivalents on its balance sheet, with $115.1 million being unrestricted. The combined balance of unrestricted cash and cash equivalents and Bitcoin witnessed significant growth, surging from $278.2 million to an impressive $494.0 million compared to the same period last year.

Looking ahead, Marathon Digital Holdings continues to make strides toward further advancements in its mining operations. The Garden City, Texas facility is nearing its launch, with tie-in work already completed and energization expected to occur soon.

Furthermore, the company’s joint venture in Abu Dhabi has shown encouraging progress, commencing hashing activities in early July and producing 16.8 BTC in its inaugural month. Marathon’s 20% ownership stake in the venture yielded a share of 3.4 BTC for the same period. The project’s operational hash rate is projected to reach 7.0 exahashes by the end of 2023.

Marathon Digital, on the other hand, is now embroiled in a legal struggle brought by its stockholders.

The action, filed on July 8 in the United States District Court for the District of Nevada, charges CEO Fred Thiel and other senior executives of violation of fiduciary duty, unjust enrichment, and squandering company assets.

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