Bitcoin Mining company Marathon Digital Holdings has released its unaudited Bitcoin production and mining operation updates for April 2024, revealing a 15% month-over-month surge in its average operational hashrate. During this period, it reached a hashrate of 21.1 exahash per second (EH/s).
This company attributed this increase to successfully energizing approximately 2 EH/s worth of miners across various locations in North America.
According to its press release, Marathon’s operating fleet increased to approximately 240,000 Bitcoin miners, theoretically capable of producing 29.9 EH/s. The company also claimed that it achieved an all-time operating hash rate high of 25.9 EH/s in April.
According to Fred Thiel, Marathon’s chairman and CEO, the company expanded its capacity via its machines at its recently acquired sites in Kearney and Garden City and also operationalized its Ellendale facility.
Thiel also highlighted Marathon’s strategic advantage during the Halving event, stating,
“Transaction fees reached all-time highs around the Halving, which we were able to capitalize on with our Slipstream service and proprietary mining pool.”
Meanwhile, on the financial end, the company’s Bitcoin holdings have also increased substantially. By the end of April 2024, it had accumulated up to 17,631 BTC, and its total cash and BTC reserves amounted to $1.6 billion. Thiel claimed that the company could increase its Bitcoin production by 21%. Bitcoin.
In the press release, the company emphasized its commitment to doubling the scale of its mining operations by the end of the year.
Notably, Marathon has raised its end-of-year hash rate target to 50 exahashes per second (EH/s). The company claimed it could achieve this target with its new facilities and acquisitions without additional investment.
The company’s first quarter 2024 earnings webcast and conference call are scheduled for May 9, 2024, at 5:00 p.m. Eastern time.
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