Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for July 2023
- Marathon Digital Holdings achieved record-breaking mining results in July 2023, with a 20% increase in BTC production compared to the previous month and a 1,527% increase compared to July 2022.
- The company's operational hash rate increased by 6% to 18.8 EH/s and installed hash rate increased by 5% to 22.8 EH/s in July 2023.
- Marathon's joint venture in Abu Dhabi began mining operations and produced 17 BTC in its first month.
- None.
- Mined a Record 179 Blocks in July 2023
- Produced 1,176 BTC in July 2023 and 6,297 BTC Year-To-Date
- Increased Operational Hash Rate
- JV in Abu Dhabi Began Mining Operations; Produced 17 BTC in July
- Reported Unrestricted Cash and Cash Equivalents of
FORT LAUDERDALE, Fla., Aug. 03, 2023 (GLOBE NEWSWIRE) -- Marathon Digital Holdings, Inc. (NASDAQ:MARA) ("Marathon" or "Company"), a leader in supporting and securing the Bitcoin ecosystem, today published unaudited bitcoin (“BTC”) production and miner installation updates for July 2023.
Management Commentary
“We produced 1,176 bitcoin in July, which is a
“In July, we increased our operational hash rate
“We also saw continued progress at our joint venture in Abu Dhabi which began hashing in early July and produced 16.8 bitcoin in its first month. Given our
Operational Highlights and Updates
Figure 1: Operational Highlights
Metric | 7/31/2023 | 7/31/2022 | % Δ | 7/31/2023 | 6/30/2023 | % Δ | |
BTC Produced | 1,176 | 72.3 | 1,176 | 979 | |||
Avg. BTC Produced per Day | 37.9 | 2.3 | 37.9 | 32.6 | |||
Operational/Energized Hash Rate (EH/s)1 | 18.8 | 0.6 | 18.8 | 17.7 | |||
Average Operational Hash Rate (EH/s)2 | 14.0 | NA | 14.0 | 13.0 | |||
Installed Hash Rate (EH/s)3 | 22.8 | 0.6 | 22.8 | 21.8 | |||
1. Defined as the amount of hash rate that could theoretically be generated if all miners that have been energized are currently in operation (includes miners that are temporarily offline for maintenance or similar reasons). Hash rates are estimates based on the manufacturers' specifications. All figures are rounded. | |||||||
2. Defined as the average hash rate that was actually generated during the month from all operational miners. All figures are estimates and are rounded. | |||||||
3. Defined as the sum of energized hash rate (see above) and hash rate that has been installed but is not yet energized (e.g., miners are in containers but not energized). Hash rates are estimates based on the manufacturers' specifications. All figures are rounded. | |||||||
In July, approximately 6,100 of Marathon’s Bitcoin miners (c. 0.8 EH/s) were energized at Applied Digital’s facilities in Ellendale, North Dakota. This energization increased the Company’s operating fleet to approximately 156,600 Bitcoin miners, theoretically capable of producing approximately 18.8 EH/s, according to the manufacturer’s specifications, as of August 1, 2023.
With the majority of Marathon’s fleet now powered by S19 XPs, the Company’s average fleet efficiency, based on manufacturers’ specifications, improved from 27.3 J/TH (joules per terahash) last month to 25.3 J/TH as of August 1, 2023. Once fully deployed, Marathon’s fleet efficiency is expected to be approximately 24.2 J/TH, according to the manufacturers’ specifications.
Financial Highlights and Updates
Figure 2: Financial Highlights
Year-Over-Year Comparison | Prior Month Comparison | ||||||
Metric | 7/31/2023 | 7/31/2022 | % Δ | 7/31/2023 | 6/30/2023 | % Δ | |
Total Cash, Cash Equivalents, & Restricted Cash ($, in millions) | 129.4 | 120.7 | 129.4 | 113.7 | |||
Unrestricted Cash | 115.1 | 117.5 | - | 115.1 | 113.7 | ||
Restricted Cash | 14.3 | 3.2 | 14.3 | 0.0 | NA | ||
Total BTC Holdings (in whole numbers) | 12,964 | 10,127 | 12,964 | 12,538 | |||
Unrestricted BTC Holdings | 12,964 | 6,895 | 12,964 | 12,538 | |||
Restricted BTC Holdings | 0 | 3,232 | - | 0 | 0 | NA | |
As of August 1, Marathon holds a total of 12,964 BTC, all of which are unrestricted. The Company opted to sell 750 BTC during the month of July and 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
Investor Notice
Investing 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 "Risk Factors" in Item 1A of our most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on March 16, 2023. 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. 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. Additionally, all discussions of financial metrics assume mining difficulty rates as of July 2023. See "Forward-Looking Statements" below.
Forward-Looking Statements
Statements made in this press release include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by the use of words such as “may,” “will,” “plan,” “should,” “expect,” “anticipate,” “estimate,” “continue,” or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading “Risk Factors” in the Company's Annual Reports on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.
About Marathon Digital Holdings
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.
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/MarathonDigitalHoldings
Instagram: @marathondigitalholdings
Marathon Digital Holdings Company Contact:
Telephone: 800-804-1690
Email: ir@mara.com
Marathon Digital Holdings Media Contact:
Email: marathon@wachsman.com
FAQ
What were Marathon Digital Holdings' BTC production results in July 2023?
What was the company's operational hash rate in July 2023?
What is the status of Marathon's joint venture in Abu Dhabi?
How much unrestricted cash and cash equivalents does Marathon have?