Marathon Digital Holdings Increases Bitcoin Production and Expands Global Operations
Marathon Digital Holdings, Inc. reported significant operational advancements in May 2024, achieving a notable increase in its average operational hash rate and expanding its Bitcoin holdings. The company’s average operational hash rate rose 22% month-over-month to 25.7 EH/s, and its total Bitcoin holdings increased to 17,857 BTC, bolstering its combined cash and BTC reserves to $1.5 billion as of May 31, 2024, according to Mara.
In May, Marathon produced 616 bitcoins, despite the April halving event, a 27% decrease from the previous month. The company won 170 blocks in May, a 32% increase from April, with its share of available miner rewards growing from 3.2% to 4.2%. Marathon’s operational improvements, particularly at the Ellendale facility, contributed to these gains. The company is optimizing its sites with the latest immersion cooling technology and next-generation hardware, aiming to reach a hash rate of 50 EH/s by the end of 2024.
Marathon also announced a strategic partnership with the Ministry of Energy and Petroleum of Kenya to enhance the country’s energy sector. This marks Marathon’s first direct collaboration with a government to optimize energy infrastructure. The company aims for 50% of its revenues to come from international operations by 2028.
In financial highlights, Marathon’s total cash and cash equivalents increased 100% from April to $290.4 million. The company’s unrestricted cash balance also rose 118% month-over-month. Marathon sold 390 bitcoins in May to support monthly operations and manage its treasury.
Operationally, Marathon energized approximately 5,000 additional miners (0.7 EH/s) and reinstalled 9,000 miners at the Ellendale facility, awaiting full energization. This increased Marathon’s operating fleet to 246,000 miners, capable of producing 30.6 EH/s, with 237,000 miners fully operational.
Marathon Digital Holdings continues to lead in leveraging digital asset compute to support the energy transformation. The company’s strategic expansions and technological advancements position it for substantial growth in the coming years.
