[ad_1]
Marathon Digital Holdings, Inc.
Increased operational hash rate by 22% to 14 PE/s and installed hash rate by 16% to 17.9 PE/s in April 2023
Produced 702 BTC in April 2023 and 2,896 BTC YTD
Reported unrestricted cash and cash equivalents of $123.5 million and increase in unrestricted bitcoin holdings to 11,568 BTC (approximately $319.2 million) as of April 30, 2023
FORT LAUDERDALE, Fla., May 02, 2023 (GLOBE NEWSWIRE) — Marathon Digital Holdings, Inc. (NASDAQ: MARA) (“Marathon” or “Company”), a leader in supporting and securing the Bitcoin ecosystem, released today unaudited Bitcoin (BTC) miner production and installation updates for April 2023.
Management CommentaryIn April, we increased our operational hash rate to 14.0 exahashes, reaching 61% of our target of 23 exahashes, and we increased our installed hash rate to 17.9 exahashes, reaching 78% of the same goal, said Fred Thiel Marathons President and CEO. We produced 702 bitcoins in April, a 134% year-over-year increase, but a decrease from the previous month due to upward adjustments to network difficulty ratings and, to a lesser extent measurement, of abatement activity, with April having one less day than March, and the impact of the luck factor (see reference). In addition to increasing our hash rate, we also saw our first national immersion mining deployment go live in Jamestown, ND. This immersive deployment is representative of our broader strategy of using technological innovations to optimize the performance of our miners and improve the efficiency of our operations. With 17.9 of our 23 targeted exahashes already installed and our operational hash rate steadily increasing, we remain confident that we are on track to achieve our primary goal of 23 exahashes by mid-2023. We look forward to continuing to make Marathon one of the largest and most energy-efficient bitcoin miners in the world.
Highlights and Operational Updates
Figure 1: Operational Highlights
The story continues
Year-over-year comparison
Previous month comparison
Metric
04/30/2023
04/30/2022
%
04/30/2023
03/31/2023
%
BTC product
702
299
134%
702
825
-15%
Avg. BTC produced per day
23.4
10.0
134%
23.4
26.6
-12%
Operational/Energized Hash Rate (EH/s)1
14.0
3.9
260%
14.0
11.5
22%
Installed hash rate (EH/s)2
17.9
THIS
THIS
17.9
15.4
16%
1. Defined as the amount of hash rate that could theoretically be generated if all mining servers that have been operational/enabled are currently running (including mining servers that are temporarily offline for maintenance or similar ). Hash rates are estimates based on manufacturers’ specifications. All figures are rounded.
2. Defined as the sum of the operational/enabled hash rate (see above) and the hash rate that has been installed but not yet activated (e.g. mining servers are in containers but not activated ). Hash rates are estimates based on manufacturers’ specifications. All figures are rounded.
In April, approximately 10,600 Bitcoin Marathon miners (approximately 1.6 PE/s) were newly powered at Applied Digitals facilities in North Dakota. Approximately 10,400 S19 XPs (approximately 1.5 PE/s) were newly powered in Ellendale, ND. The remaining units were fed to the facility in Jamestown, ND, where Marathon launched its first-ever nationwide immersion mining deployment.
As a result, the company’s mining fleet has grown to around 122,900 Bitcoin miners, theoretically capable of producing around 14.0 PE/s, according to manufacturers’ specifications, as of May 1, 2023.
Once all of the miners previously purchased by Marathon are installed, around 66% of the company’s hash rate is expected to be generated by XP S19s, which are around 30% more power efficient than the previous generation of mining rigs.
Financial Highlights and Updates
Figure 2: Financial Highlights
Year-over-year comparison
Previous month comparison
Metric
04/30/2023
04/30/2022
%
04/30/2023
03/31/2023
%
Total cash, cash equivalents and restricted cash (in millions of dollars)
123.5
40.4
205%
123.5
124.9
-1%
Species not affected
123.5
39.8
210%
123.5
124.9
-1%
Restricted cash
0.0
0.6
-100%
0.0
0.0
THIS
Total BTC Holdings (in whole numbers)
11,568
9,673
20%
11,568
11,466
1%
Unlimited BTC holdings
11,568
9,673
20%
11,568
11,466
1%
Restricted BTC holdings
0
0
THIS
0
0
THIS
As of May 1, Marathon holds a total of 11,568 BTC, all unrestricted. The company elected to sell 600 BTC during the month of April and intends to sell a portion of its bitcoin holdings in future periods to support monthly operations, manage its cash flow and for general corporate purposes. business. The Company ended the month with $123.5 million in unrestricted cash and cash equivalents on its balance sheet.
Notice to Investors 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 Section 1A of our most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on March 16, 2022. If any of these risks materialized, our business, financial condition or results of operations would likely be adversely affected. In this case, the value of our securities could fall and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones we face. Additional risks not currently known to us or that we currently deem to be immaterial may also adversely affect our business operations. Additionally, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to predict future results. Future changes in the network-wide mining difficulty rate or Bitcoin hash rate could also significantly affect the future performance of Marathon’s Bitcoin production. In addition, all discussions of financial metrics assume mining difficulty ratings as of May 2023. See “Forward-Looking Statements” below.
Forward-Looking Statements Statements made in this press release include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by the use of words such as may, will, plan, should, expect, anticipate, estimate, continue or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which cannot be accurately predicted by the Company and some of which may not even be anticipated and involve factors that could cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are encouraged to consider the factors listed above as well as the additional factors under the heading Risk Factors in the Company’s Annual Reports on Form 10-K. , as they may be supplemented or modified. by the company’s quarterly reports on Form 10-Q. The Company assumes no obligation to update or supplement any forward-looking statements that become untrue as a result of subsequent events, new information or otherwise.
Definition of LuckThe luck of crypto mining is probabilistic in nature. Imagine that each miner receives a lottery ticket for a certain amount of hashing power they contribute. For illustrative purposes, imagine that you provided 1 PE/s of hash power and the overall hash power in the network was 100 PE/s, then you would receive 1 out of 100 total lottery tickets. The probability of you winning the lottery (finding the block reward) would be 1%. So, for every 100 blocks found, you should statistically find 1.
Now imagine that you found 2 blocks out of 100, that means you found a block earlier than you statistically should. You’re in luck! Now imagine that you found 0 out of 100. That would bring you bad luck. Over the long term, statistically, you should find an average of 1 block out of 100 (1%), but there is short term variance.
Source: Luxor
About Marathon Digital Holdings Marathon is a digital asset technology company focused on supporting and securing the Bitcoin ecosystem. The company is currently becoming one of the largest and most enduring bitcoin mining operations in North America.
Marathon Digital Holdings Company Contact: Phone: 800-804-1690 Email: [email protected]
Marathon Digital Holdings Media Contact: Email: [email protected]
|
Sources 2/ https://finance.yahoo.com/amphtml/news/marathon-digital-holdings-announces-bitcoin-213200155.html The mention sources can contact us to remove/changing this article |
[ad_2]