Marathon Digital Holdings Reports Significant Growth in Bitcoin Production and Operational Efficiency for April 2024

Marathon Digital Holdings, Inc., a leader in the cryptocurrency mining industry, has announced its production and operational updates for April 2024, highlighting a substantial increase in operational efficiency and bitcoin production, according to Mara.

Fred Thiel, the CEO of Marathon, reported that the company’s average operational hash rate increased by 15% to 21.1 EH/s, and bitcoin production grew by 21% to 850 bitcoins in April. This growth was significantly aided by the high transaction fees following the recent Bitcoin halving event, which Marathon capitalized on through its Slipstream service and proprietary mining pool.

In addition to these operational successes, Marathon has expanded its capacity by energizing approximately 2 exahash worth of miners across various locations, including the relocation of 9,500 machines from Ellendale to Garden City. This expansion is part of Marathon’s strategic growth plans, which aim to double the scale of its operations by the end of 2024, targeting a total installed hash rate of 50 EH/s.

The company also highlighted that despite the halving event’s impact on bitcoin production, its strategic acquisitions and significant hash rate capacity have positioned it well to mitigate these effects. Marathon’s robust financial position, with a total cash and bitcoin balance of $1.6 billion as of the end of April, supports these ambitious growth plans.