- Average Operational Hash Rate Increases 22% M/M to 25.7 EH/s
- Increased
BTC Holdings to 17,857 BTC; Total Cash and BTC of $1.5 B as ofMay 31, 2024
Management Commentary
"The strength of our MARA pool was evident in May as we achieved a noteworthy 32% increase in the number of blocks won compared to April, growing from 129 blocks to 170," said
"Domestically, our Ellendale facility’s operational improvements are yielding positive results, and our team continues to optimize our recently acquired sites with immersion cooling technology and the latest generation hardware. With these advancements and the expansion of our fleet, we remain on track to reach our target of 50 EH/s by the end of this year. Notably, we raised our average operational hash rate during May to 25.7 EH/s, a 22% improvement over April.
"On the international front, we recently announced an agreement with the
Operational Highlights and Updates
Figure 1: Operational Highlights
Year-Over-Year Comparison | Prior Month Comparison | |||||||||||||||||||||||
Metric | % Δ | % Δ | ||||||||||||||||||||||
Bitcoin Produced | 616 | 1,245 | (51 | )% | 616 | 850 | (27 | )% | ||||||||||||||||
Average Bitcoin Produced per Day | 19.9 | 40.2 | (51 | )% | 19.9 | 28.3 | (30 | )% | ||||||||||||||||
Share of available miner rewards 1 | 4.2 | % | 3.7 | % | NA | 4.2 | % | 3.2 | % | NA | ||||||||||||||
Transaction Fees as % of Total 5 | 6.6 | % | 12.9 | % | NA | 6.6 | % | 16.2 | % | NA | ||||||||||||||
Number of Blocks Won 5 | 170 | 171 | (1 | )% | 170 | 129 | 32 | % | ||||||||||||||||
Energized | 29.3 | 15.2 | 93 | % | 29.3 | 29.9 | (2 | )% | ||||||||||||||||
Average Operational | 25.7 | 12.5 | 106 | % | 25.7 | 21.1 | 22 | % | ||||||||||||||||
Installed | 30.6 | 20.1 | 52 | % | 30.6 | 29.9 | 2 | % |
- Defined as the total amount of block rewards including transaction fees that Marathon earned during the period divided by the total amount of block rewards and transaction fees awarded by the Bitcoin network during the period.
- Defined as the amount of hash rate that could theoretically be generated if all miners that have been energized are currently in operation including miners that may be temporarily offline. Hash rates are estimates based on the manufacturers' specifications. All figures are rounded.
- Defined as the average hash rate that was actually generated during the month from all operational miners. All figures are estimates and are rounded.
- Defined as the sum of energized hash rate (see above) and hash rate that has been installed but not yet energized. Hash rates are estimates based on the manufacturers' specifications. All figures are rounded.
- These metrics are MaraPool only, do not include the joint ventures.
In May, Marathon energized approximately 5,000 additional miners (c. 0.7 EH/s). Approximately 9,000 miners have been reinstalled at the Ellendale facility, awaiting a return to full energization. As a result, Marathon's operating fleet increased to approximately 246,000 Bitcoin miners theoretically capable of producing 30.6 EH/s, with 237,000 miners (c. 29.3 EH/s) fully operational. In May, Marathon achieved a peak overall hash rate of 28.1 EH/s. Hash rate figures are calculated according to the manufacturers' specifications.
Figure 2: Operational Details by Site
Installed | Energized | Avg Operating | Avg % of Energized | |||||||||||||||||||||||||||||||||
Site | State | Host | ||||||||||||||||||||||||||||||||||
Owned Operated | ||||||||||||||||||||||||||||||||||||
Granbury | TX | Marathon | 3.9 | 4.4 | 3.9 | 4.4 | 3.8 | 3.6 | 98 | % | 82 | % | ||||||||||||||||||||||||
Garden City | TX | Marathon | 5.4 | 5.8 | 5.4 | 5.8 | 4.5 | 4.6 | 83 | % | 79 | % | ||||||||||||||||||||||||
Kearney | NE | Marathon | 2.3 | 1.9 | 2.3 | 1.9 | 1.9 | 1.2 | 83 | % | 63 | % | ||||||||||||||||||||||||
Total owned operated | 11.5 | 12.1 | 11.5 | 12.1 | 10.2 | 9.4 | 89 | % | 78 | % | ||||||||||||||||||||||||||
Third-party Hosted | ||||||||||||||||||||||||||||||||||||
McCamey | TX | Hut 8 | 7.6 | 7.6 | 7.6 | 7.6 | 6.4 | 6.2 | 85 | % | 82 | % | ||||||||||||||||||||||||
Ellendale | ND | Applied | 7.7 | 6.5 | 6.5 | 6.5 | 5.6 | 1.9 | 87 | % | 29 | % | ||||||||||||||||||||||||
Jamestown | ND | Applied | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 98 | % | 99 | % | ||||||||||||||||||||||||
All Other | Various | 2.3 | 2.3 | 2.3 | 2.3 | 2.2 | 2.2 | 96 | % | 96 | % | |||||||||||||||||||||||||
Total third-party hosted | 19.0 | 17.8 | 17.8 | 17.8 | 15.6 | 11.7 | 88 | % | 66 | % | ||||||||||||||||||||||||||
Total | 30.6 | 29.9 | 29.3 | 29.9 | 25.7 | 21.1 | 88 | % | 71 | % |
As of
Financial Highlights and Updates
Figure 3: Financial Highlights
Year-Over-Year Comparison | Prior Month Comparison | |||||||||||||||||||||||
Metric | % Δ | % Δ | ||||||||||||||||||||||
Total Cash, Cash Equivalents & Restricted Cash ($, in millions) | $ | 290.4 | $ | 97.3 | 198 | % | $ | 290.4 | $ | 145.3 | 100 | % | ||||||||||||
Unrestricted Cash | 290.4 | 97.3 | 198 | % | 290.4 | 133.3 | 118 | % | ||||||||||||||||
Restricted Cash | — | — | NA | — | 12.0 | (100 | )% | |||||||||||||||||
17,857 | 12,259 | 46 | % | 17,857 | 17,631 | 1 | % | |||||||||||||||||
Unrestricted | 17,857 | 12,259 | 46 | % | 17,857 | 17,631 | 1 | % | ||||||||||||||||
Restricted | — | — | NA | — | — | NA | ||||||||||||||||||
Pledged | — | — | NA | — | — | NA |
Marathon held
Recent Announcements
June 3 -Marathon Digital Holdings' 2024 proxy vote explainedMay 24 - Enters into agreement with theMinistry of Energy andPetroleum of the Republic of Kenya to enhanceKenya's energy sectorMay 9 - Reports first quarter 2024 results
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
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements in this press release relate to the expected timing and achievement of our growth targets, specifically relating to our anticipated hash rate and exahash growth. You can identify forward-looking statements by the use of words such as “may,” “will,” “could,” “anticipate,” “expect,” “intend,” “believe,” “continue,” or the negative of such terms, or other comparable terminology. Forward-looking statements include the assumptions underlying or relating to such statements. The Company has based these forward-looking statements largely on its current expectations and projections about future events and trends that we believe may affect its business, results of operations and financial condition. The outcomes of the events described in these forward-looking statements are subject to risks, uncertainties and other factors described under the heading “Risk Factors” in the reports the Company files with the
About
For more information, visit www.mara.com, or follow us on:
Twitter: @MarathonDH
LinkedIn: www.linkedin.com/company/marathon-digital-holdings
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Telephone: 800-804-1690
Email: ir@mara.com
Marathon Digital Holdings Media Contact:
Email: marathon@wachsman.com
Source:
2024 GlobeNewswire, Inc., source