Marathon Digital Reports 17% Increase in Bitcoin Production for June

The publicly traded mining company generated 654.3 bitcoins in Q2, more than triple its Q1 haul.

Jul 3, 2021 at 1:38 p.m. UTC
Updated Sep 14, 2021 at 1:20 p.m. UTC

Marathon Digital Holdings generated 265.6 bitcoins during June, a 17% increase over the previous month, the company said in a press release Friday. That total brought the publicly traded bitcoin mining company’s Q2 haul to 654.3 bitcoins, more than three times the nearly 191.7 bitcoins it produced over the first three months of 2021.

Las Vegas-based Marathon said it now holds approximately 5,784 bitcoins at a value of $201.6 million based on a July 1 price of $34,855 per bitcoin, including 4,182 bitcoins that it bought in January as part of its effort to become what former CEO Merrick Okamoto called a “pure-play bitcoin investment option.” Marathon is scheduled to report earnings on Aug. 13.

The company said it installed 1,740 miners in June bringing its fleet to 19,395 miners. Earlier this year, the company promised to reach a goal of installing more than 100,000 miners by the end of Q1 2022 that will boost its hash rate power to 10.37 exahashes per second (EH/s). The company’s current miners generate 2.09 EH/s).

Marathon also said that it had received 18,702 S-19 Pro ASIC miners from Bitmain this year with an additional 1,056 Pro ASIC miners in transit, and that it had completed construction of containers for mining rigs at its Hardin, Montana, facility.

The company will install 12,000 miners at the Hardin location by the end of September and then begin placing 73,000 miners at a 300-megawatt facility in Texas hosted by Compute North.

Marathon’s current CEO, Fred Thiel, said in the press release that Marathon had performed “maintenance and upgrades” on systems before deliveries of miners accelerated, and in anticipation of a decline in global hashrate. “We are now better prepared to receive the large upcoming shipments and take advantage of expected favorable mining conditions,” Thiel said.

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