Bitcoin miner Marathon Digital (MARA) in May experienced energization delays in Texas and ongoing maintenance issues at its Hardin, Montana, facility, leading to the production of about 47% fewer bitcoins than initially expected based on the company’s hashrate last month.
Marathon was originally informed by host Compute North that energization of its miners at its West Texas facility would begin in April. That was then delayed to May, and as of June 8, energization has yet to take place. At issue, Marathon said, is a tax matter for Compute North's energy supplier. Marathon expects the situation to be resolved in June.
CEO Fred Thiel said – in addition to its active fleet – new miner installation continues, with more than 19,00 rigs installed and awaiting energization.
Despite a recent industry trend of some miners selling some of their crypto holdings to help fund operating costs and/or expansion, Marathon continues to HODL, noting it hasn't sold any bitcoin since October 2020. As of June 1, the company held about 9,941 bitcoin worth $315.1 million on its balance sheet.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.