Marathon Digital Holdings Releases Bitcoin (BTC) Production And Miner Installation

Marathon Digital Holdings, Inc. (NASDAQ: MARA), a global firm focused on leveraging digital asset compute to support the energy transformation, has released unaudited bitcoin (BTC) production and miner installation updates for May 2024.

Fred Thiel, Marathon‘s chairman and CEO said:

“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. At the same time, our share of available miner awards grew from 3.2% to 4.2%. In May, we mitigated the impact of the April Halving event by increasing the number of blocks won, resulting in the production of 616 bitcoin, a decline of only 27%.

As noted in the update:

“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.”

As stated in the announcement:

“On the international front, we recently announced an agreement with the Ministry of Energy and Petroleum of the Republic of Kenya to support the utilization of energy and to optimize renewable energy projects across the country. While we have worked with sovereign wealth funds in the Middle East to optimize their energy infrastructure and launched a pilot project in Paraguay, this is the first time we have directly collaborated with a government to enhance their energy infrastructure. We aim to have 50% of revenues coming from overseas by 2028, and we look forward to expanding our global presence as a leader in leveraging digital asset compute to support the energy transformation.”

In May, Marathon reportedly 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.”

As covered, Marathon Digital Holdings claims that it is “a global leader in digital asset compute that develops and deploys innovative technologies to build a more sustainable and inclusive future.”

Marathon secures the world’s “preeminent blockchain ledger and supports the energy transformation by converting clean, stranded, or otherwise underutilized energy into economic value.”