Marathon Digital Holdings, Inc.
(NASDAQ: MARA)
("Marathon" or the "Company"), one of the world’s largest
publicly traded Bitcoin miners and a leader in supporting and
securing the Bitcoin ecosystem, today published unaudited bitcoin
(“BTC”) production and miner installation updates for April 2024.
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 Fred Thiel, Marathon's chairman and CEO. "In
April, we achieved an all time operating hash rate high of 25.9
exahash. Transaction fees also reached all time highs around the
Halving, which we were able to capitalize on with our Slipstream
service and our proprietary mining pool. Just before the Halving,
we earned an additional 4.25 bitcoin from Slipstream alone, and
MARA Pool outperformed, capturing one block with 10 bitcoin and
another with 16 bitcoin in transaction fees. Ultimately,
transaction fees accounted for approximately 16% of the bitcoin we
earned in April.
"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
UpdatesFigure 1: Operational Highlights
|
|
Year-Over-Year Comparison |
|
|
Prior Month Comparison |
|
Metric |
|
4/30/2024 |
|
|
4/30/2023 |
|
|
% Δ |
|
|
4/30/2024 |
|
|
3/31/2024 |
|
|
% 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 Hash Rate
(EH/s) 2 |
|
|
29.9 |
|
|
|
14.0 |
|
|
|
114 |
% |
|
|
29.9 |
|
|
|
27.8 |
|
|
|
8 |
% |
Average Operational Hash Rate (EH/s) 3 |
|
|
21.1 |
|
|
|
10.6 |
|
|
|
99 |
% |
|
|
21.1 |
|
|
|
18.3 |
|
|
|
15 |
% |
Installed Hash Rate
(EH/s) 4 |
|
|
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
Hash Rates in
EH/s |
|
Installed Hash Rate |
|
|
Energized Hash Rate |
|
|
Avg Operating Hash Rate |
|
|
Avg % of Energized |
|
Site |
|
State |
|
Host |
|
Apr 2024 |
|
|
Mar 2024 |
|
|
Apr 2024 |
|
|
Mar 2024 |
|
|
Apr 2024 |
|
|
Mar 2024 |
|
|
Apr 2024 |
|
|
Mar 2024 |
|
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 April 30, 2024 the Company holds a
total of 17,631 unrestricted BTC. Marathon opted to sell 600
bitcoin in April. The Company still intends to sell a portion of
its bitcoin holdings in future periods to support monthly
operations, manage its treasury, and for general corporate
purposes.
Financial Highlights and
UpdatesFigure 3: Financial Highlights
|
|
Year-Over-Year Comparison |
|
|
Prior Month Comparison |
|
Metric |
|
4/30/2024 |
|
|
4/30/2023 |
|
|
% Δ |
|
|
4/30/2024 |
|
|
3/31/2024 |
|
|
% 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 |
|
Total BTC Holdings (in
whole numbers) |
|
|
17,631 |
|
|
|
11,568 |
|
|
|
52 |
% |
|
|
17,631 |
|
|
|
17,381 |
|
|
|
1 |
% |
Unrestricted BTC Holdings |
|
|
17,631 |
|
|
|
11,568 |
|
|
|
52 |
% |
|
|
17,631 |
|
|
|
17,381 |
|
|
|
1 |
% |
Restricted BTC Holdings |
|
|
— |
|
|
|
— |
|
|
|
NA |
|
|
|
— |
|
|
|
— |
|
|
|
NA |
|
Pledged BTC Holdings |
|
|
— |
|
|
|
— |
|
|
|
NA |
|
|
|
— |
|
|
|
— |
|
|
|
NA |
|
Marathon held $145.3 million in cash and cash
equivalents on its balance sheet at month end, $133.3 of which was
unrestricted. During April, the combined balance of unrestricted
cash and cash equivalents and bitcoin decreased from $1,563.4
million to $1,214.1 million at April 30, 2024.
Marathon's first quarter 2024 webcast and
conference call is set for Thursday, May 9, 2024 at 5:00 pm Eastern
time. To register to participate in the conference call or to
listen to the live audio webcast, please use this link.
Earnings Webcast and Conference Call
DetailsDate: Thursday, May 9, 2024Time: 5:00 p.m. Eastern
time (2:00 p.m. Pacific time)Registration link: LINK
Recent Announcements
- April 25 - Increases 2024 hash rate
target to 50 exahash
- April 24 - Schedules conference
call for first quarter 2024 financial results
- April 15 - Appoints Manoj Narender
Madnani as managing director for EMEA expansion
- April 5 - Appoints Vicki
Mealer-Burke to the Company's board of directors
- April 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 December 31, 2023, filed with the SEC on
February 28, 2024. If any of these risks were to occur, our
business, financial condition or results of operations would likely
suffer. In that event, the value of our securities could decline,
and you could lose part or all of your investment. The risks and
uncertainties we describe are not the only ones facing us.
Additional risks not presently known to us or that we currently
deem immaterial may also impair our business operations. In
addition, our past financial performance may not be a reliable
indicator of future performance, and historical trends should not
be used to anticipate results in the future. See "Forward-Looking
Statements" below.
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 Securities and Exchange Commission. The
Company cannot assure you that the events and circumstances
reflected in the forward-looking statements will be achieved or
occur, and actual results could differ materially from those
expressed or implied in the forward-looking statements. The
forward-looking statements made in this press release relate only
to events as of the date of this press release. The Company
undertakes no obligation to update any forward-looking statement to
reflect events or circumstances after the date on which the
statement is made.
About Marathon Digital Holdings
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 North America.
For more information, visit www.mara.com, or
follow us on:
Twitter: @MarathonDHLinkedIn:
www.linkedin.com/company/marathon-digital-holdings Facebook:
www.facebook.com/MarathonDigitalHoldings Instagram:
@marathondigitalholdings
Marathon Digital
Holdings Company Contact:
Telephone: 800-804-1690Email: ir@mara.com
Marathon Digital Holdings Media
Contact:Email: marathon@wachsman.com
Grafico Azioni Marathon Digital (NASDAQ:MARA)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Marathon Digital (NASDAQ:MARA)
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Da Giu 2023 a Giu 2024