JAKARTA - Marathon Digital Holdings, Inc., a leading bitcoin mining company, reported an increase in their operational hashrate and bitcoin holdings reaching 18,536 BTC in their bitcoin production and miner installation report for June 2024.
According to Bitcoin.com News, in June 2024, Marathon's average operational hashrate increased by 2% compared to the previous month, reaching 26.3 exahashes per second (EH/s). This increase was due to operational improvements and full operation of the Ellendale facility. However, the company's bitcoin production decreased by 40% compared to the previous year, producing only 590 BTC due to the halving that occurred in April. Interestingly, transaction fees accounted for almost 7% of total production, with one transaction fee reaching 0.85 BTC.
The report revealed that Marathon continues to increase its mining capabilities both domestically and internationally. Domestically, Marathon Digital is focusing on optimizing their site with immersion cooling technology and the latest generation of hardware, with a target of reaching 50 EH/s by the end of the year. Internationally, the company launched a 2-megawatt pilot project in Finland, harnessing the heat generated from computing on digital assets to heat communities, improving sustainability and reducing carbon emissions.
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“Thanks to operational improvements at Ellendale and full facility operation since early July, we managed to double our average operational hashrate year-over-year in June to 26.3 exahashes,” said Fred Thiel, Marathon chairman and CEO.
As of the end of June 2024, Marathon’s total bitcoin holdings stood at 18,536 BTC, with a combined cash and bitcoin balance of $1.4 billion. The company stated its intention to sell a portion of its bitcoin holdings to support operations and general corporate purposes, while also seeking opportunities to increase its bitcoin yield through strategic acquisitions. On Wednesday, July 3, MARA shares on the Nasdaq fell 3.6% as of 10 a.m. EDT, reflecting the market’s reaction to the latest report.
The steps taken by Marathon Digital demonstrate their commitment to continue growing in the competitive bitcoin mining industry. The increase in hashrate and continued international expansion strategy are positive signals for investors and the market.
“This is an indication that Marathon is not only focused on increasing production, but also on sustainability and energy efficiency,” said one industry analyst. “This move could have a long-term positive impact on the company and the industry as a whole.”
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