March 27, 2024
Marathon's Expanding Crypto Mining
Bitcoin News

Marathon’s Crypto Mining Expansion: From Texas to Abu Dhabi and Beyond

United States-based crypto mining operator Marathon Digital Holdings reported producing 1,072 Bitcoin in August, a 9% decrease compared to July but a significant five-fold increase compared to August 2022.

On September 5th, Marathon disclosed unaudited BTC production and miner installation updates for August. In their press release, the company stated that they boosted their U.S. operational hash rate by 2% month-over-month, reaching 19.1 exahashes in August, and increased their installed hash rate by 1% month-over-month, reaching 23.1 exahashes. This growth was primarily attributed to the upgrade of Bitmain Antminer S19j Pro miners to the more efficient S19 XP models.

Marathon has achieved its primary domestic growth target of 23 exahashes and is now striving to reach 30 exahashes, with two expected to come from international facilities and five through contracts with other entities. Additionally, Marathon is in the final stages of paperwork for its new mining facility in Garden City, Texas, and its joint venture in Abu Dhabi mined 50 bitcoins in August.

Regarding the decline in BTC production, Marathon CEO Fred Thiel attributed it to adverse weather conditions, stating, “The decrease in Bitcoin production from July was largely due to increased curtailment activity in Texas due to record high temperatures. These temporary shutdowns more than offset the progress we have made to increase our operational hash rate and optimize our operations.”

In August, Marathon released its Q2 2023 financial results, reporting a remarkable 228% increase in revenue compared to Q2 2022. The company also noted a $23.4 million gain from selling 63% of the Bitcoin mined during the quarter, which was used to cover operating costs. Additionally, there were impairment charges of $8.4 million related to the value of its digital assets.

Image by pixabay

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