Total Bitcoin Holdings to Increase to Approximately 5,518 BTC as Marathon’s Hashrate Increases to Approximately 1.9 EH/s
LAS VEGAS, June 02, 2021 (GLOBE NEWSWIRE) — Marathon Digital Holdings, Inc. (NASDAQ:MARA) (“Marathon” or “Company”), one of the largest enterprise Bitcoin self-mining companies in North America, today published unaudited bitcoin (“BTC”) production and miner installation updates for May 2021.
Corporate Highlights as of June 1, 2021
Produced 226.6 new minted bitcoins during May 2021, increasing total bitcoin holdings to approximately 5,518 with a fair market value of approximately $203.4 million
Cash on hand was approximately $191.8 million and total liquidity, defined as cash and bitcoin holdings, was approximately $395.1 million
Received approximately 16,809 S-19 Pro ASIC miners from Bitmain year to date with an additional 1,911 S-19 Pro ASIC miners currently in transit
On May 31, 2021, announced that the Company’s Bitcoin mining pool, MaraPool, was adopting and implementing Bitcoin Core version 0.21.1
Bitcoin Production Update
As of June 1, 2021, Marathon’s mining fleet has produced approximately 580.5 newly minted bitcoins during 2021. By month, the Company’s bitcoin production was as follows:
As a result, Marathon currently holds approximately 5,518 BTC, including the 4,812.66 BTC the Company purchased in January 2021 for an average price of $31,168 per BTC. On May 31, 2021, the fair market value of one bitcoin was approximately $36,857, implying that the approximate fair market value of Marathon’s current bitcoin holdings is approximately $203.4 million.
Miner Installations and Hashrate Growth
As of June 1, 2021, Bitmain has delivered approximately 16,809 S-19 Pro ASIC miners to the Company’s mining facility in Hardin, MT, all of which were delivered on time and as scheduled. During the month of May, Marathon installed 5,571 new miners, increasing the Company’s active mining fleet to approximately 17,655 miners, generating approximately 1.9 EH/s.
New miners continue to be installed on a daily basis. Based on current delivery and installation schedules, Marathon continues to expect all previously purchased miners to be fully installed by the end of the first quarter of 2022, at which point, the Company’s mining fleet will consist of approximately 103,120 miners, generating approximately 10.37 EH/s.
Implementing Bitcoin Core Version 0.21.1 (Taproot)
On May 31, 2021, Marathon announced that the Company’s Bitcoin mining pool, MaraPool, was adopting and implementing Bitcoin Core version 0.21.1, which includes the Taproot soft fork, without modification. As a result, MaraPool will no longer filter transactions. The update is expected to begin this week with Taproot signaling commencing the following week, at which point, the pool will begin validating transactions in a manner consistent with all other miners who use the standard node. The full press release is accessible at this link.
“In May, we produced 226.6 bitcoins, which is a 40% increase from the 162.1 bitcoins we produced in April, and we increased our hashrate to 1.9 EH/s after installing another 5,571 miners,” said Fred Thiel, Marathon’s CEO. “As a result, we were producing nearly 10 bitcoins per day on average at the end of the month. Given our current delivery schedule and the macro events affecting the global network hashrate, Marathon is particularly well positioned to scale and thrive in the current mining environment. Delivery and installation of new miners continue to progress well, and we remain on track to meet our objectives of transitioning our operations to 70% carbon neutral and having all our previously purchased miners online by the end of the first quarter of next year.”
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