Marathon Digital produces 1,176 bitcoin in July

“We produced 1,176 bitcoin in July, which is a 20% increase from last month and a 1,527% increase from July of last year,” said Fred Thiel, Marathon’s chairman and CEO. “The increases in our bitcoin production were due to increased operational hash rate and improved uptime. With these improvements, we also mined a record number of blocks this month. We mined 179 blocks in July, whereas we mined 144 blocks last month and 171 blocks in May when high transaction fees boosted our reported bitcoin production. In July, we increased our operational hash rate 6% month-over-month to 18.8 exahashes, and we increased our installed hash rate 5% month-over-month to 22.8 exahashes. The majority of the sequential increase is due to the completion of the build-out of the facility in Ellendale, North Dakota. With all six buildings now fully operational, Ellendale adds a total of 7.6 exahashes to our energized hash rate. The facility in Garden City, Texas is expected to come online next. Tie in work has been completed at this site, and we believe energization is likely imminent. We also saw continued progress at our joint venture in Abu Dhabi which began hashing in early July and produced 16.8 bitcoin in its first month. Given our 20% ownership stake, our share was 3.4 bitcoin for the month of July. As of July 31, the JV’s operational hash rate grew to 1.2 exahashes, and we continue to expect the project’s full 7.0 exahashes to be online before year-end 2023.”