Marathon Digital Reports 3% Drop in Bitcoin Production for August, Hash Rate Surges 11%
Marathon Digital Holdings, Inc. (NASDAQ: MARA) has reported a marginal decline in its Bitcoin production for the month of August, alongside a significant increase in its hash rate. The company announced that it mined a total of **673 Bitcoin** in August, representing a 3% decrease compared to the previous month, July. However, Marathon Digital maintained its Bitcoin holdings at **25,945**, as it did not conduct any sales during this period.
In terms of operational performance, Marathon’s energized hash rate notably increased by **11% month-over-month**, reaching **35.2 EH/s**. Furthermore, the company celebrated a milestone by mining its **4,000th block** in August. Marathon remains steadfast in its objective to achieve a hash rate of **50 EH/s** by the close of 2024. The firm is dedicated to investing in its mining capabilities and expanding its business through a comprehensive approach to resource utilization and strategic planning.
Fred Thiel, the Chairman and CEO of Marathon Digital, remarked on the company’s advancements by stating, “During the month, we energized nearly **18 immersion containers** at our Granbury facility in Texas. We are in the process of converting a substantial portion of this data center from air cooling to MARA’s immersion cooling systems, with intentions to transition an additional **30 containers** in September. We project that this conversion will be finalized by year-end.”
Thiel further elaborated on the company’s energy management, indicating that Marathon Digital currently operates approximately **54%** of the **1.1 gigawatts** of power across its diversified portfolio of energy technology solutions. As the firm increases its ownership and operational capacity, it anticipates realizing cost efficiencies on a per-petahash basis. These initiatives aim to position Marathon Digital as one of the leading cost-efficient operators within the industry.
In the stock market, shares of Marathon Digital exhibited volatility on Wednesday, with a reported decline of **0.39%**, trading at **$15.21** at the time of publication.
This update reflects Marathon Digital’s commitment to its growth strategies in the competitive landscape of Bitcoin mining and highlights its proactive measures towards operational efficiency and sustainability.
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