- Increased
- Average Operational Hash Rate Increases 4% M/M to 18.3 EH/s
Management Commentary
"Throughout the first quarter, our Bitcoin production has been impacted by unexpected equipment failures, transmission line maintenance, and higher than anticipated weather-related curtailment across multiple sites," said
"While the site in Ellendale was briefly recovered and re-energized at the end of February, it had to be brought back down due to the persistence of quality issues with the transformers sourced at the site. The demonstrated complexity of re-energizing Ellendale, along with the latest information and recent progress, indicates that capacity at this site is likely to be gradually increased over the coming months. Applied Digital is using its best commercially reasonable efforts to shorten and pull up the energization timeline.
"While our hosting provider continues to swap in newly acquired transformers and bring capacity at Ellendale back online, we have continued to focus on optimizing our performance at other sites. In March, we began relocating miners from Ellendale to take advantage of the additional capacity we recently acquired through our strategic acquisitions of sites in
"As Ellendale is gradually brought back online, we intend to further develop our Bitcoin mining portfolio, which is growing to approximately 1.1 gigawatts of capacity diversified across 11 sites on three continents, and leveraging our recently announced technology innovations, like our two-phase immersion cooling system, to optimize performance and expand our position as a leader in converting energy into economic value."
Operational Highlights and Updates
Figure 1: Operational Highlights
Year-Over-Year Comparison | Prior Month Comparison | |||||||||||||||||||||||
Metric | % Δ | % Δ | ||||||||||||||||||||||
Bitcoin Produced | 894 | 825 | 8 | % | 894 | 833 | 7 | % | ||||||||||||||||
Average Bitcoin Produced per Day | 28.8 | 26.6 | 8 | % | 28.8 | 28.7 | — | % | ||||||||||||||||
Share of available miner rewards 1 | 3.0 | % | 2.7 | % | 9 | % | 3.0 | % | 3.0 | % | — | % | ||||||||||||
Transaction Fees as % of Total 5 | 4.5 | % | 3.1 | % | 47 | % | 4.5 | % | 5.1 | % | (11 | )% | ||||||||||||
Number of Blocks Won 5 | 118 | 81 | 46 | % | 118 | 110 | 7 | % | ||||||||||||||||
Energized | 27.8 | 11.5 | 142 | % | 27.8 | 28.7 | (3 | )% | ||||||||||||||||
Average Operational | 18.3 | 11.5 | 59 | % | 18.3 | 17.6 | 4 | % | ||||||||||||||||
Installed | 27.8 | 15.4 | 81 | % | 27.8 | 28.7 | (3 | )% |
- 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 March, Marathon energized approximately 4,000 additional miners (c. 0.4 EH/s). Once the current transition of 9,500 miners from Ellendale to
Figure 2: Operational Details by Site
Installed | Energized | Avg Operating | Avg % of Energized | |||||||||||||||||||||||||||||||||||
Site | State | Host | ||||||||||||||||||||||||||||||||||||
Owned Operated | ||||||||||||||||||||||||||||||||||||||
TX | Marathon | 4.2 | 4.2 | 4.2 | 4.2 | 3.2 | 3.4 | 77 | % | 82 | % | |||||||||||||||||||||||||||
TX | Marathon | 4.5 | 4.5 | 4.5 | 4.5 | 3.5 | 2.6 | 78 | % | 57 | % | |||||||||||||||||||||||||||
NE | Marathon | 1.2 | 0.8 | 1.2 | 0.8 | 0.8 | 0.5 | 67 | % | 63 | % | |||||||||||||||||||||||||||
Total owned operated | 9.9 | 9.5 | 9.9 | 9.5 | 7.5 | 6.5 | 76 | % | 68 | % | ||||||||||||||||||||||||||||
Third-party Hosted | ||||||||||||||||||||||||||||||||||||||
TX | US Bitcoin | 7.7 | 7.7 | 7.7 | 7.7 | 6.4 | 6.0 | 83 | % | 78 | % | |||||||||||||||||||||||||||
Ellendale | ND | Applied | 6.5 | 7.8 | 6.5 | 7.8 | 0.9 | 1.8 | 14 | % | 23 | % | ||||||||||||||||||||||||||
Jamestown | ND | Applied | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 98 | % | 97 | % | ||||||||||||||||||||||||||
All Other | Various | 2.3 | 2.3 | 2.3 | 2.3 | 2.0 | 1.9 | 88 | % | 84 | % | |||||||||||||||||||||||||||
Total third-party hosted | 17.9 | 19.2 | 17.9 | 19.2 | 10.7 | 11.1 | 60 | % | 58 | % | ||||||||||||||||||||||||||||
Total | 27.8 | 28.7 | 27.8 | 28.7 | 18.2 | 17.6 | 65 | % | 61 | % |
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) | $ | 324.3 | $ | 124.9 | 160 | % | $ | 324.3 | $ | 425.6 | (24 | )% | ||||||||||||
Unrestricted Cash | 324.3 | 124.9 | 160 | % | 324.3 | 425.6 | (24 | )% | ||||||||||||||||
Restricted Cash | — | — | NA | — | — | NA | ||||||||||||||||||
17,381 | 11,466 | 52 | % | 17,381 | 16,930 | 3 | % | |||||||||||||||||
Unrestricted | 17,381 | 11,466 | 52 | % | 17,381 | 16,930 | 3 | % | ||||||||||||||||
Restricted | — | — | NA | — | — | NA | ||||||||||||||||||
Pledged | — | — | NA | — | — | NA |
Marathon held
Upcoming Conferences
Bitcoin Policy Summit
Blockchain Life 2024
AmCham Business Summit
AIM Summit London
Recent Announcements
April 2 - Announces the closing of its acquisition of a 200-megawatt Bitcoin mining data center adjacent to a wind farmMarch 26 - Unveils two-phase immersion cooling system to optimize data center operationsMarch 25 - Releases industry-leading Bitcoin mining firmware and control boardMarch 15 - Enters definitive agreement to acquire 200-megawatt Bitcoin mining data center adjacent to a wind farm
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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Telephone: 800-804-1690
Email: ir@mara.com
Marathon Digital Holdings Media Contact:
Email: marathon@wachsman.com
Source:
2024 GlobeNewswire, Inc., source