Marathon Digital Holdings Reports August 2024 Bitcoin (BTC) Production Update

Marathon Digital Holdings, Inc. (NASDAQ: MARA), one of the world’s largest publicly traded Bitcoin (BTC) miners, has released its unaudited Bitcoin production and miner installation update for August 2024.

Operational Performance

In August 2024, Marathon Digital Holdings reported an energized hash rate increase of 11% month-over-month (M/M) to 35.2 exahashes per second (EH/s). Despite this increase, the number of blocks won decreased by 2% to 196, and BTC production fell by 3% to 673 BTC, according to MARA.

Management Commentary

Fred Thiel, Marathon's chairman and CEO, commented on the company's performance: "During the month of August, we continued to bring additional hash online, and our energized hash rate grew to 35.2 EH/s, an 11% increase over July. We are proud to have mined our 4,000th block during August."

Thiel also outlined the company's ongoing investments and operational improvements: "Domestically, we continue to improve the operation of our sites and remain on track to reach our target of 50 EH/s by the end of 2024. During the month, we energized almost 18 immersion containers in Granbury, Texas. We are converting a large portion of our Granbury data center from air-cooled to MARA's immersion containers, with plans to transition at least another 30 in September."

Future Goals and Strategic Plans

Marathon Digital Holdings aims to position itself as one of the industry's most cost-efficient operators by increasing the share of owned and operated sites in its fleet. The company currently owns and operates approximately 54% of the 1.1 gigawatts of power in its diversified portfolio of energy technology solutions. Thiel emphasized that this strategic move is expected to achieve cost savings on a per petahash basis.

Operational Highlights

As of August 31, 2024, Marathon held a total of 25,945 unrestricted BTC and opted not to sell any BTC in August.

Industry Context

This announcement comes amid a period of significant activity in the Bitcoin mining sector. Other major players have also been reporting increases in hash rates and operational expansions, reflecting the competitive and rapidly evolving nature of the industry. As Marathon Digital Holdings continues to scale its operations, its focus on cost efficiency and strategic growth positions it well against its peers.

For more detailed information, please visit the official MARA website.