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Marathon Digital Holdings, a U.S. company focused on cryptocurrency mining, had a busy August. Although it mined 1,072 Bitcoins last month, which was 9% fewer than its July haul, the figure represents a staggering fivefold increase compared to the same month in 2022.
On September 5, Marathon disclosed unaudited data on its Bitcoin production and mining hardware updates for the past month. The firm’s American operations saw a modest 2% month-to-month jump in their operational hash rate, bringing it to 19.1 exahashes. Its total installed hash rate saw a smaller uptick, rising 1% to 23.1 exahashes. This increase was fueled by an upgrade from the Bitmain Antminer S19j Pro models to the more efficient S19 XP versions.
Achieving a domestic growth target of 23 exahashes, Marathon is setting its sights even higher. The company plans to scale up to 30 exahashes, pulling in two from international facilities and securing five more through contracts with other parties.
The company is also putting the finishing touches on paperwork for a new mining center in Garden City, Texas. This is in addition to a joint venture in Abu Dhabi that mined 50 Bitcoins in August.
Fred Thiel, the CEO of Marathon, attributed the dip in Bitcoin production to challenging weather conditions in Texas. Unusually high temperatures led to temporary shutdowns, neutralizing the gains made in operational improvements.
Financially, Marathon reported robust numbers for the second quarter of 2023. Revenues surged 228% year-over-year. The firm realized a gain of $23.4 million by selling 63% of the Bitcoins it had mined during the quarter to cover operating expenses. However, it did take an $8.4 million hit due to impairment charges on its digital assets.
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