- Increased Energized
-
Management Commentary
“The operational challenges that commenced in January, continued into February and reduced our operational hash rate and our bitcoin production for the month,” said
"Largely due to these maintenance issues, we operated at an average of 61% of our total energized capacity in February. As a result, we produced 833 bitcoin last month. Our team is actively working with our hosting providers to bring sites back to full strength and to make the necessary repairs to mitigate these issues in the future. We will continue to provide updates on our progress as they materialize. While we work through these issues, we increased our hash rate another 9% to 28.7 exahash.
"We have also continued to strengthen our balance sheet by increasing our bitcoin holdings to 16,930 BTC and bringing our combined cash and bitcoin to approximately
Operational Highlights and Updates
Figure 1: Operational Highlights
Year-Over-Year Comparison | Prior Month Comparison | |||||||||||||||||||||||
Metric | % Δ | % Δ | ||||||||||||||||||||||
Bitcoin Produced | 833 | 683 | 22 | % | 833 | 1,084 | (23 | )% | ||||||||||||||||
Average Bitcoin Produced per Day | 28.7 | 24.4 | 18 | % | 28.7 | 35.0 | (18 | )% | ||||||||||||||||
Share of available miner rewards 1 | 3.0 | % | 2.5 | % | — | % | 3.0 | % | 3.5 | % | — | % | ||||||||||||
Transaction Fees as % of Total 5 | 5.1 | % | 2.4 | % | — | % | 5.1 | % | 11.4 | % | — | % | ||||||||||||
Number of Blocks Won 5 | 110 | 72 | 53 | % | 110 | 140 | (21 | )% | ||||||||||||||||
Energized | 28.7 | 9.5 | 202 | % | 28.7 | 26.4 | 9 | % | ||||||||||||||||
Average Operational | 17.6 | 6.6 | 167 | % | 17.6 | 19.3 | (9 | )% | ||||||||||||||||
Installed | 28.7 | 14.0 | 105 | % | 28.7 | 26.9 | 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 February, Marathon increased its operating fleet by 8% to approximately 231,000 Bitcoin miners, theoretically capable of producing approximately 28.7 EH/s, after approximately 16,000 of Marathon’s Bitcoin miners (c. 2.0 EH/s) were energized. Hash rate figures are calculated according to the manufacturer’s specifications.
Figure 2: Operational Details by Site
Installed | Energized | Avg Operating | Avg % of Energized | ||||||||||||||||
Site | State | Host | |||||||||||||||||
TX | US Bitcoin | 7.7 | 7.7 | 7.7 | 7.7 | 6.0 | 6.4 | 78 | % | 82 | % | ||||||||
Ellendale | ND | Applied | 7.8 | 7.8 | 7.8 | 7.8 | 1.8 | 4.0 | 23 | % | 51 | % | |||||||
TX | Applied | 4.5 | 4.5 | 4.5 | 4.5 | 2.6 | 3.8 | 57 | % | 83 | % | ||||||||
TX | US Bitcoin | 4.2 | 2.8 | 4.2 | 2.8 | 3.4 | 2.2 | 82 | % | 78 | % | ||||||||
Jamestown | ND | Applied | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 1.3 | 97 | % | 90 | % | |||||||
All Other | Various | 3.1 | 2.7 | 3.1 | 2.2 | 2.4 | 1.8 | 77 | % | 82 | % | ||||||||
Total | 28.7 | 26.9 | 28.7 | 26.4 | 17.6 | 19.3 | 61 | % | 73 | % |
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) | $ | 425.6 | $ | 228.5 | 86 | % | $ | 425.6 | $ | 318.9 | 33 | % | ||||||||||||
Unrestricted Cash | 425.6 | 219.7 | 94 | % | 425.6 | 318.9 | 33 | % | ||||||||||||||||
Restricted Cash | — | 8.8 | (100 | )% | — | — | — | % | ||||||||||||||||
16,930 | 11,392 | 49 | % | 16,930 | 15,741 | 8 | % | |||||||||||||||||
Unrestricted | 16,930 | 8,260 | 105 | % | 16,930 | 15,741 | 8 | % | ||||||||||||||||
Restricted | — | 3,132 | (100 | )% | — | — | — | % | ||||||||||||||||
Pledged | — | — | — | % | — | 700 | (100 | )% |
Marathon held
The company early adopted FASB's new accounting standard for crypto assets, ASU 2023-08 as of
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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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Instagram: @marathondigitalholdings
Marathon Digital Holdings Company Contact:
Telephone: 800-804-1690
Email: ir@mara.com
Marathon Digital Holdings Media Contact:
Email: marathon@wachsman.com
Source:
2024 GlobeNewswire, Inc., source