Marathon Digital Holdings Reports June 2023 Bitcoin Production and Updates

Bitcoin Production and Hash Rate Growth

Marathon Digital Holdings, Inc. reported a production of 979 Bitcoin in June 2023, marking a 21% decrease from the previous month but a significant 599% increase compared to June 2022. This decline was attributed to weather-related curtailments in Texas and a notable reduction in transaction fees. Despite these challenges, the company views current trends as promising for the future of mining economics.

The operational hash rate saw a 16% monthly increase, reaching 17.7 exahashes, while the installed hash rate grew by 8% to 21.8 exahashes. Marathon is on track to achieve its 23 EH/s goal, with key installations in Ellendale, ND, and Garden City, TX expected to complete soon.

Expansion and Joint Ventures

Marathon's new joint venture in Abu Dhabi has commenced operations, with the initial containers at the Mina Zayed facility powering up. This rapid execution highlights Marathon's technological expertise and collaboration with UAE partners. The joint venture aims to have a total of 7.0 exahashes online by the end of 2023.

Operational Highlights

In June, approximately 18,500 Bitcoin miners were energized at Applied Digital’s facilities in North Dakota, boosting the operational fleet to around 149,900 miners. The majority of Marathon's hash rate is anticipated to be generated by the more energy-efficient S19 XPs, enhancing overall efficiency.

Financial Overview

As of July 1, 2023, Marathon holds 12,538 Bitcoin, all unrestricted. The company sold 700 BTC in June and plans to continue selling portions of its holdings to support operations. Marathon ended June with $113.7 million in unrestricted cash and cash equivalents, reflecting a stable financial position.

Risk and Forward-Looking Statements

Investors are advised to consider the inherent risks and uncertainties associated with investing in Marathon’s securities. Changes in network-wide mining difficulty rates or Bitcoin hash rates could significantly impact future performance. Forward-looking statements are subject to change, and Marathon assumes no obligation to update these statements based on new information.

Marathon Digital Holdings remains dedicated to supporting and securing the Bitcoin ecosystem, aiming to become one of North America's largest and most sustainably powered Bitcoin mining operations.