Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for July 2021
August 03, 2021 at 01:15 pm
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Marathon Digital Holdings, Inc. published unaudited bitcoin (“BTC”) production and miner installation updates for July 2021. Produced 442.2 new minted bitcoins during July 2021, increasing total bitcoin holdings to approximately 6,225.6 with a fair market value of approximately $260.7 million. Cash on hand was approximately $91.9 million and total liquidity, defined as cash and bitcoin holdings, was approximately $352.6 million. Received approximately 19,401 S19 Pro ASIC miners from Bitmain year to date with an additional 4,287 S19 Pro ASIC miners currently in transit. Successfully completed scheduled maintenance and upgrades to the Company’s existing mining fleet as well as the annual inspection of facilities. Existing mining fleet consists of 19,395 active miners producing 2.09 EH/s. On August 1, 2021, announced the purchase of an additional 30,000 S19j Pro miners from Bitmain, which is expected to increase Marathon’s mining operations to approximately 133,000 miners producing approximately 13.3 EH/s once all miners are deployed. As a result, Marathon currently holds approximately 6,225.6 BTC, including the 4,812.66 BTC the Company purchased in January 2021 for an average price of $31,168 per BTC. On August 1, 2021, the fair market value of one bitcoin was approximately $41,870, implying that the approximate fair market value of Marathon’s current bitcoin holdings is approximately $260.7 million. As of August 1, 2021, Bitmain has delivered approximately 19,401 S19 Pro ASIC miners to the Company’s mining facility in Hardin, MT. On August 1, 2021, the Company announced that it purchased an additional 30,000 S19j Pro miners from Bitmain. As a result, once all previously purchased miners are installed, the Company’s mining fleet is expected to consist of approximately 133,000 miners, generating approximately 13.3 EH/s. New miners continue to be installed on a daily basis, and based on current schedules, Marathon anticipates all previously purchased miners to be shipped from Bitmain by June 2022.
Marathon Digital Holdings, Inc. is a digital asset technology company, which is focused on supporting and securing the Bitcoin ecosystem. The Company is engaged in owning and operating bitcoin mining facilities or data centers, selling proprietary software or technology to third parties operating in the Bitcoin ecosystem, offering advisory and consulting services to support bitcoin mining ventures in domestic and international jurisdictions, and generating electricity from renewable energy resources or methane gas capture to power bitcoin mining projects. Its business is also active in Bitcoin-related projects related to the technological development of immersion, hardware, firmware, mining pools and side chains that use the blockchain cryptography. It operates approximately 210,000 mining rigs globally, with an installed and energized hash rate of approximately 25.2 and 24.7 exahashes per second, respectively. The Company has mined 12,852 bitcoins.