Marathon Digital produces 472 bitcoin in November

Marathon Digital Holdings published unaudited bitcoin production and miner installation updates for November. In November, we strengthened our liquidity position, produced 472 bitcoin, and began improving the efficiency of our mining operations with new technologies," said Fred Thiel, Marathon’s chairman and CEO. "Given the current macro environment, we took proactive measures to reduce our revolver borrowings from $50 million as of November 9 to $30 million as of November 30. The combination of this debt repayment and our monthly production increased our unrestricted bitcoin holdings from 1,950 BTC on November 9 to 4,200 BTC as of November 30, and we ended the month with $61.7 million in cash on hand. Our production in November was negatively impacted by curtailment at the King Mountain site in Texas. This increased curtailment was caused by spot market pricing of energy driven by weather combined with lower bitcoin prices. We are working on optimizing curtailment strategies and site operations with the new operator and expect King Mountain’s productivity to improve in the coming months. While Applied Digital awaits regulatory approval to energize their facility in Garden City, Texas, construction of facilities and installations of mining servers remain underway according to the most publicly available information. Simultaneously, Marathon continues to execute on its strategy to improve how efficiently we convert electricity into value. We recently launched an immersion pilot program, and our first 14,000 S19 XPs, which are 30% more energy efficient than the prior generation of servers, were successfully installed in Applied Digital’s facility in Garden City, Texas during November. We remain confident that Marathon is well-positioned to continue scaling into one of the largest and most energy-efficient operators in the industry."