Marathon’s Bitcoin Mining Operations and Financial Update
Marathon is a leading digital asset technology company focused on supporting and securing the Bitcoin ecosystem. They are working towards becoming one of the largest and most sustainable Bitcoin mining operations in North America.
- In June 2023, Marathon created 979 Bitcoin, bringing the total for the year to 5,120 BTC.
- The installed hash rate increased by 8% to 21.8 EH/s, and the operational hash rate rose by 16% to 17.7 EH/s.
- Marathon’s joint venture in Abu Dhabi began mining operations and is expected to reach 7 EH/s by the end of the year.
- The company reported $114 million in unrestricted cash and cash equivalents, along with 12,538 BTC (approximately $382 million) as of June 30, 2023.
- The decrease in bitcoin production was due to weather-related curtailment in Texas and a decline in transaction fees.
Marathon now operates approximately 149,900 Bitcoin miners capable of producing around 17.7 EH/s. They also sold 700 BTC during June and plan to sell more in the future to support their operations and manage their treasury.
Hot Take
Marathon’s Bitcoin mining operations are expanding rapidly, with an increasing hash rate and significant Bitcoin holdings. Their joint venture in Abu Dhabi is on track to reach its target hash rate, further strengthening their position in the market. With a strong financial position, Marathon is well-positioned to become a major player in the Bitcoin mining industry.
By
By
By
By