- Average Operational Hash Rate Increases 15% M/M to 21.1 EH/s
- Increased
- Increased End of Year 2024 Total Installed Hash Rate Guidance to 50 EH/s, Confirmed and Fully Funded
Management Commentary
"With capacity in Ellendale coming back online and improvements made at other sites, we increased our average operational hash rate 15% in April to 21.1 exahash and increased our bitcoin production 21% to 850 bitcoin," said
"We continued to expand into the available capacity at our recently acquired sites, including those at Kearney and Garden City. During April, we successfully energized approximately 2 exahash worth of miners at various locations, which includes the 9,500 machines we relocated from Ellendale to Garden City.
"While last month's Halving event will reduce bitcoin production for all miners, we are accelerating our growth plans to mitigate the impact. Given the amount of capacity we have available following our recent acquisitions and the amount of hash rate we have access to through current machine orders and options, we now believe it is possible for us to double the scale of Marathon’s mining operations in 2024 and achieve 50 exahash by the end of the year. With this growth fully funded based on our current liquidity, we look forward to improving our position as a leader in converting underutilized energy into economic value."
Operational Highlights and Updates
Figure 1: Operational Highlights
Year-Over-Year Comparison | Prior Month Comparison | |||||||||||||||||||||||
Metric | % Δ | % Δ | ||||||||||||||||||||||
Bitcoin Produced | 850 | 702 | 21 | % | 850 | 894 | (5 | )% | ||||||||||||||||
Average Bitcoin Produced per Day | 28.3 | 23.4 | 21 | % | 28.3 | 28.8 | (2 | )% | ||||||||||||||||
Share of available miner rewards 1 | 3.2 | % | 2.5 | % | NA | 3.2 | % | 3.0 | % | NA | ||||||||||||||
Transaction Fees as % of Total 5 | 16.2 | % | 3.0 | % | NA | 16.2 | % | 4.5 | % | NA | ||||||||||||||
Number of Blocks Won 5 | 129 | 99 | 30 | % | 129 | 118 | 9 | % | ||||||||||||||||
Energized | 29.9 | 14.0 | 114 | % | 29.9 | 27.8 | 8 | % | ||||||||||||||||
Average Operational | 21.1 | 10.6 | 99 | % | 21.1 | 18.3 | 15 | % | ||||||||||||||||
Installed | 29.9 | 17.9 | 67 | % | 29.9 | 27.8 | 7 | % |
- Defined as the total amount of block rewards including transaction fees that Marathon earned during the period divided by the total amount of block rewards and transaction fees awarded by the Bitcoin network during the period.
- 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.
- These metrics are MaraPool only, do not include the joint ventures.
In April, Marathon energized approximately 14,000 additional miners (c. 2.0 EH/s), 9,500 of which were successfully relocated from Ellendale to Garden City. As a result, Marathon's operating fleet increased to approximately 240,000 Bitcoin miners, theoretically capable of producing 29.9 EH/s. In April, Marathon also achieved an all time operating hash rate high of 25.9 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 | Marathon | 4.4 | 4.2 | 4.4 | 4.2 | 3.6 | 3.2 | 82 | % | 77 | % | ||||||||||||||||||||||||
Garden City | TX | Marathon | 5.8 | 4.5 | 5.8 | 4.5 | 4.6 | 3.5 | 79 | % | 78 | % | ||||||||||||||||||||||||
Kearney | NE | Marathon | 1.9 | 1.2 | 1.9 | 1.2 | 1.2 | 0.8 | 63 | % | 67 | % | ||||||||||||||||||||||||
Total owned operated | 12.1 | 9.9 | 12.1 | 9.9 | 9.4 | 7.5 | 78 | % | 76 | % | ||||||||||||||||||||||||||
Third-party Hosted | ||||||||||||||||||||||||||||||||||||
McCamey | TX | US Bitcoin | 7.6 | 7.7 | 7.6 | 7.7 | 6.2 | 6.4 | 82 | % | 83 | % | ||||||||||||||||||||||||
Ellendale | ND | Applied | 6.5 | 6.5 | 6.5 | 6.5 | 1.9 | 0.9 | 29 | % | 14 | % | ||||||||||||||||||||||||
Jamestown | ND | Applied | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 99 | % | 98 | % | ||||||||||||||||||||||||
All Other | Various | 2.3 | 2.3 | 2.3 | 2.3 | 2.2 | 2.0 | 96 | % | 88 | % | |||||||||||||||||||||||||
Total third-party hosted | 17.8 | 17.9 | 17.8 | 17.9 | 11.7 | 10.7 | 66 | % | 60 | % | ||||||||||||||||||||||||||
Total | 29.9 | 27.8 | 29.9 | 27.8 | 21.1 | 18.2 | 71 | % | 65 | % |
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) | $ | 145.3 | $ | 123.5 | 18 | % | $ | 145.3 | $ | 324.3 | (55 | )% | ||||||||||||
Unrestricted Cash | 133.3 | 123.5 | 8 | % | 133.3 | 324.3 | (59 | )% | ||||||||||||||||
Restricted Cash | 12.0 | — | NA | 12.0 | — | NA | ||||||||||||||||||
17,631 | 11,568 | 52 | % | 17,631 | 17,381 | 1 | % | |||||||||||||||||
Unrestricted | 17,631 | 11,568 | 52 | % | 17,631 | 17,381 | 1 | % | ||||||||||||||||
Restricted | — | — | NA | — | — | NA | ||||||||||||||||||
Pledged | — | — | NA | — | — | NA |
Marathon held
Marathon's first quarter 2024 webcast and conference call is set for
Earnings Webcast and Conference Call Details
Date:
Time:
Registration link: LINK
Recent Announcements
April 25 - Increases 2024 hash rate target to 50 exahashApril 24 - Schedules conference call for first quarter 2024 financial resultsApril 15 - AppointsManoj Narender Madnani as managing director for EMEA expansionApril 5 - AppointsVicki Mealer-Burke to the Company's board of directorsApril 2 - Announces the closing of its acquisition of a 200-megawatt Bitcoin mining data center adjacent to a wind farm
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 "Risk Factors" in Item 1A of our most recent Annual Report on Form 10-K for the fiscal year ended
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements in this press release relate to the expected timing and achievement of our growth targets, specifically relating to our anticipated hash rate and exahash growth. You can identify forward-looking statements by the use of words such as “may,” “will,” “could,” “anticipate,” “expect,” “intend,” “believe,” “continue,” or the negative of such terms, or other comparable terminology. Forward-looking statements include the assumptions underlying or relating to such statements. The Company has based these forward-looking statements largely on its current expectations and projections about future events and trends that we believe may affect its business, results of operations and financial condition. The outcomes of the events described in these forward-looking statements are subject to risks, uncertainties and other factors described under the heading “Risk Factors” in the reports the Company files with the
About
Marathon is a digital asset technology company that focuses on supporting and securing the Bitcoin ecosystem. The Company is currently in the process of becoming one of the largest and most sustainably powered Bitcoin mining operations in
For more information, visit www.mara.com, or follow us on:
Twitter: @MarathonDH
LinkedIn: www.linkedin.com/company/marathon-digital-holdings
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Telephone: 800-804-1690
Email: ir@mara.com
Marathon Digital Holdings Media Contact:
Email: marathon@wachsman.com
Source:
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