Marathon Digital Bitcoin Production Weaker Than Hoped in May

The company continues to "HODL" all of its mined bitcoin, with 9,941 coins worth $315.1 million on its balance sheet as of June 1.

AccessTimeIconJun 9, 2022 at 9:25 p.m. UTC
Updated Jun 9, 2022 at 10:00 p.m. UTC

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

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.

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Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

CoinDesk - Unknown

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.