Average Operational Hash Rate Increases 2% M/M to 26.3 EH/s
Increased
Management Commentary
"Due to operational improvements in Ellendale and the facility being fully operational as of the beginning of July, we doubled our average operational hash rate year-over-year in June to 26.3 exahash," said
"Domestically, 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.
"In our international business, we announced the launch of a 2-megawatt pilot project in
Operational Highlights and Updates
Figure 1: Operational Highlights
Year-Over-Year Comparison | Prior Month Comparison | |||||||||||||||||||||||
Metric | % Δ | % Δ | ||||||||||||||||||||||
Bitcoin Produced | 590 | 979 | (40 | )% | 590 | 616 | (4 | )% | ||||||||||||||||
Average Bitcoin Produced per Day | 19.7 | 32.6 | (40 | )% | 19.7 | 19.9 | (1 | )% | ||||||||||||||||
Share of available miner rewards 1 | 4.1 | % | 3.5 | % | NA | 4.1 | % | 4.2 | % | NA | ||||||||||||||
Transaction Fees as % of Total 2 | 6.8 | % | 5.5 | % | NA | 6.8 | % | 6.6 | % | NA | ||||||||||||||
Number of Blocks Won 2 | 158 | 144 | 10 | % | 158 | 170 | (7 | )% | ||||||||||||||||
Energized | 31.5 | 17.7 | 78 | % | 31.5 | 29.3 | 8 | % | ||||||||||||||||
Average Operational | 26.3 | 13.0 | 102 | % | 26.3 | 25.8 | 2 | % | ||||||||||||||||
Installed | 31.5 | 21.8 | 44 | % | 31.5 | 30.5 | 3 | % |
- Defined as the total amount of block rewards including transaction fees that MARA earned during the period divided by the total amount of block rewards and transaction fees awarded by the Bitcoin network during the period.
- These metrics are MARAPool only and do not include blocks won from joint ventures.
- 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.
In June, MARA energized approximately 13,000 additional miners (c. 2 EH/s). As a result, MARA's operating fleet increased to approximately 250,000 Bitcoin miners capable of producing 31.5 EH/s. In June, MARA achieved a peak overall hash rate of 28.3 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 | MARA | 4.3 | 3.9 | 4.3 | 3.9 | 3.6 | 3.8 | 85 | % | 98 | % | ||||||||||||||||||||||||
Garden City | TX | MARA | 5.4 | 5.4 | 5.4 | 5.4 | 4.2 | 4.5 | 77 | % | 83 | % | ||||||||||||||||||||||||
Kearney | NE | MARA | 2.8 | 2.3 | 2.8 | 2.3 | 2.3 | 1.9 | 82 | % | 83 | % | ||||||||||||||||||||||||
Total owned operated | 12.5 | 11.5 | 12.5 | 11.5 | 10.1 | 10.2 | 81 | % | 89 | % | ||||||||||||||||||||||||||
Third-party Hosted | ||||||||||||||||||||||||||||||||||||
McCamey | TX | Hut 8 | 7.6 | 7.6 | 7.6 | 7.6 | 6.7 | 6.4 | 88 | % | 85 | % | ||||||||||||||||||||||||
Ellendale | ND | Applied | 7.7 | 7.7 | 7.7 | 6.5 | 6.2 | 5.6 | 81 | % | 87 | % | ||||||||||||||||||||||||
Jamestown | ND | Applied | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 98 | % | 98 | % | ||||||||||||||||||||||||
All Other | Various | 2.3 | 2.3 | 2.3 | 2.3 | 2.1 | 2.2 | 92 | % | 96 | % | |||||||||||||||||||||||||
Total third-party hosted | 19.0 | 19.0 | 19.0 | 17.8 | 16.4 | 15.6 | 86 | % | 88 | % | ||||||||||||||||||||||||||
Total | 31.5 | 30.6 | 31.5 | 29.3 | 26.3 | 25.7 | 83 | % | 88 | % | ||||||||||||||||||||||||||
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) | $ | 268.0 | $ | 113.7 | 136 | % | $ | 268.0 | $ | 290.4 | (8 | )% | ||||||||||||
Unrestricted Cash | 256.0 | 113.7 | 125 | % | 256.0 | 290.4 | (12 | )% | ||||||||||||||||
Restricted Cash | 12.0 | — | NA | 12.0 | — | NA | ||||||||||||||||||
18,536 | 12,538 | 48 | % | 18,536 | 17,857 | 4 | % | |||||||||||||||||
Unrestricted | 18,536 | 12,538 | 48 | % | 18,536 | 17,857 | 4 | % | ||||||||||||||||
Restricted | — | — | NA | — | — | NA | ||||||||||||||||||
Pledged | — | — | NA | — | — | NA |
MARA held
Recent Announcements
June 26 - Marathon Digital Holdings Announces Kaspa Mining OperationsJune 20 - Heating with Hashes: Digital Asset Compute Offers a Sustainable Solution for District HeatingJune 5 - Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates forMay 2024
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 the heading "Risk Factors" in our most recent annual report on Form 10-K, and any other periodic reports that we may file with the
The operational highlights and updates presented in this press release pertain solely to our bitcoin mining operations. Detailed information regarding our other operations can be found in our periodic reports filed with the
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical fact, included in this press release are forward-looking statements. The words “may,” “will,” “could,” “anticipate,” “expect,” “intend,” “believe,” “continue,” “target” and similar expressions or variations or negatives of these words are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such forward-looking statements include, among other things, statements related to the expected timing and achievement of our growth targets, specifically relating to our anticipated hash rate and exahash growth. Such forward-looking statements are based on management’s current expectations about future events as of the date hereof and involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Subsequent events and developments, including actual results or changes in our assumptions, may cause our views to change. We do not undertake to update our forward-looking statements except to the extent required by applicable law. Readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements included herein are expressly qualified in their entirety by these cautionary statements. Our actual results and outcomes could differ materially from those included in these forward-looking statements as a result of various factors, including, but not limited to, the factors set forth under the heading “Risk Factors” in our most recent annual report on Form 10-K, and any other periodic reports that we may file with the
About MARA
MARA (NASDAQ:MARA) is a global leader in digital asset compute that develops and deploys innovative technologies to build a more sustainable and inclusive future. MARA secures the world’s preeminent blockchain ledger and supports the energy transformation by converting clean, stranded, or otherwise underutilized energy into economic value.
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