{"id":753989,"date":"2023-05-02T18:40:23","date_gmt":"2023-05-02T22:40:23","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/marathon-digital-holdings-announces-bitcoin-production-and-mining-operation-updates-for-april-2023\/"},"modified":"2023-05-02T18:40:23","modified_gmt":"2023-05-02T22:40:23","slug":"marathon-digital-holdings-announces-bitcoin-production-and-mining-operation-updates-for-april-2023","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/marathon-digital-holdings-announces-bitcoin-production-and-mining-operation-updates-for-april-2023\/","title":{"rendered":"Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for April 2023"},"content":{"rendered":"<div class=\"mw_release\">\n<ul>\n<li style=\"text-align:justify\">\n          <em>Increased Operational Hash Rate 22% to 14 EH\/s and Installed Hash Rate 16% to 17.9 EH\/s in April 2023<\/em><br \/>\n          \n        <\/li>\n<li>\n          <em>Produced 702 BTC in April 2023 and 2,896 BTC Year-To-Date<\/em>\n        <\/li>\n<li>\n          <em>Reported Unrestricted Cash and Cash Equivalents of $123.5 Million, and Increased Unrestricted Bitcoin Holdings to 11,568 BTC (c. $319.2 Million) as of April 30, 2023<\/em><br \/>\n          \n        <\/li>\n<\/ul>\n<p align=\"justify\">FORT LAUDERDALE, Fla., May  02, 2023  (GLOBE NEWSWIRE) &#8212; <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=cPD97NAtZipsdvkYCoikjh6g0er7sK7dRvM2COkEL_NVz2ABEBBUXXiSZPYk5IUdsJLBRcoGp2MTmwvQI2KFrBHb1Jw9I6YSLFs_p4ZXZmw=\" rel=\"nofollow noopener\" target=\"_blank\"><strong>Marathon Digital Holdings, Inc.<\/strong><\/a><strong> (NASDAQ:<\/strong><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=f_Urct7qUXSi4dhRCVcnXDxl9yMKnVpZuJ-dBo61HNMqEAlIllSlzyCZm2eVhC8WvCeYXEBvE6n8nwSzftBeSg==\" rel=\"nofollow noopener\" target=\"_blank\"><strong>MARA<\/strong><\/a><strong>) (&#8220;Marathon&#8221; or &#8220;Company&#8221;)<\/strong>, a leader in supporting and securing the Bitcoin ecosystem, today published unaudited bitcoin (\u201cBTC\u201d) production and miner installation updates for April 2023.<\/p>\n<p align=\"justify\">\n        <strong>Management Commentary<\/strong><br \/>\n        <br \/>\u201cIn April, we increased our operational hash rate to 14.0 exahashes, achieving 61% of our 23 exahashes goal, and we increased our installed hash rate to 17.9 exahashes, reaching 78% of the same goal,\u201d said Fred Thiel Marathon\u2019s chairman and CEO. \u201cWe produced 702 bitcoin in April, which is a 134% increase year-over-year, but a decrease from the prior month due to upward adjustments in the network\u2019s difficulty rate and to a lesser extent, curtailment activity, April having one less day than March, and the impact of the \u2018luck factor\u2019 (<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Nbd0iCVOmsGiPBa_Njx0_kMyjcmSTgtxSwOcPvzWWobqY1w4pcUXa0z_vmHoGnvYdT4eR3gUPkQz7saUALYpzPjYMphw05y5k_iYcocUZMynEFx45d5XNgUOhNNYIs--TCu7tnNOcvrrHkKyw48RXBmpSlKELX9OEf-GYZFOoIrJ-mvPmUI70954gQHI8Dmj\" rel=\"nofollow noopener\" target=\"_blank\">see reference<\/a>). In addition to increasing our hash rate, we also witnessed our first domestic deployment of immersion mining come online in Jamestown, ND. This immersion deployment is representative of our broader strategy to utilize technological innovations to optimize the performance of our miners and improve the efficiency of our operations. With 17.9 of our targeted 23 exahashes already installed and our operational hash rate consistently increasing, we remain confident that we are on track to achieve our primary target of 23 exahashes near the middle of 2023. We look forward to continuing to establish Marathon as one of the largest and most energy efficient Bitcoin miners globally.\u201d<\/p>\n<p align=\"justify\">\n        <strong>Operational Highlights and Updates<\/strong>\n      <\/p>\n<p align=\"justify\">\n        <em>Figure 1: Operational Highlights<\/em>\n      <\/p>\n<p align=\"justify\">In April, approximately 10,600 of Marathon\u2019s Bitcoin miners (c. 1.6 EH\/s) were newly energized at Applied Digital\u2019s facilities in North Dakota. Approximately 10,400 S19 XPs (c. 1.5 EH\/s) were newly energized in Ellendale, ND. The remaining units were energized at the Jamestown, ND, facility, where Marathon initiated its first-ever domestic deployment of immersion mining.<\/p>\n<p align=\"justify\">As a result, the Company\u2019s operating fleet increased to approximately 122,900 Bitcoin miners, theoretically capable of producing approximately 14.0 EH\/s, according to the manufacturer\u2019s specifications, as of May 1, 2023.<\/p>\n<p align=\"justify\">Once all of Marathon\u2019s previously purchased miners are installed, approximately 66% of the Company\u2019s hash rate is expected to be generated by S19 XPs, which are approximately 30% more energy efficient than the prior generation of mining rigs.<\/p>\n<p align=\"justify\">\n        <strong>Financial Highlights and Updates<\/strong>\n      <\/p>\n<p align=\"justify\">\n        <em>Figure 3: Financial Highlights<\/em>\n      <\/p>\n<p align=\"justify\">As of May 1, Marathon holds a total of 11,568 BTC, all of which are unrestricted. The Company opted to sell 600 BTC during the month of April and intends to sell a portion of its bitcoin holdings in future periods to support monthly operations, manage its treasury, and for general corporate purposes. The Company ended the month with $123.5 million in unrestricted cash and cash equivalents on its balance sheet.<\/p>\n<p align=\"justify\">\n        <strong>Investor Notice<\/strong>\u00a0<br \/>Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under &#8220;Risk Factors&#8221; in Item 1A of our most recent Annual Report on Form 10-K for the fiscal year ended December 31,\u00a02022, filed with the SEC on March 16, 2022. If any of these risks were to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline,\u00a0and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or Bitcoin\u00a0hash rate\u00a0may also materially affect the future performance of Marathon&#8217;s production of bitcoin. Additionally, all discussions of financial metrics assume mining difficulty rates as of May 2023. See &#8220;Forward-Looking Statements&#8221; below.\u00a0<\/p>\n<p align=\"justify\">\n        <strong>Forward-Looking Statements<\/strong>\u00a0<br \/>Statements made in this press release include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by the use of words such as \u201cmay,\u201d \u201cwill,\u201d \u201cplan,\u201d \u201cshould,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cestimate,\u201d \u201ccontinue,\u201d or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading \u201cRisk Factors\u201d in the Company&#8217;s Annual Reports on Form 10-K, as may be supplemented or amended by the Company&#8217;s Quarterly Reports on Form 10-Q. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.\u00a0<\/p>\n<p align=\"justify\">\n        <strong>Definition of Luck<\/strong><br \/>\n        <br \/>\u201cThe Luck of crypto mining is probabilistic in nature. Imagine that each miner is given a lottery ticket for a certain amount of hashing power they provide. For illustrative purposes imagine that you provide 1 EH\/s of hashing power and the overall hashing power in the network was 100 EH\/s then you would receive 1 of 100 total lottery tickets. The probability of you winning the lottery (finding the block reward) would be 1%. So for every 100 blocks found you should statistically find 1 of them.<\/p>\n<p align=\"justify\">\u201cNow imagine that you found 2 out of the 100 blocks, this means that you found a block earlier than you statistically should. You are lucky! Now imagine you found 0 out of 100. This would make you unlucky. Over the long run, statistically you should find on average 1 out of 100 (1%) blocks, but there is short term variance.\u201d<\/p>\n<p align=\"justify\">Source:\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=8Ce8t75WYgK_8eBkM4YlnFfZgRvvKEbjxFWR3Z2ELF9FD-hOLAQmmHp9cEqR-68HggppnB6buGoar7OL9p8VRnkKCPtrswI_i19074_IiXnF54qj553ZK9ber1aMdc4qXRsYAGY1ec8w_OELOGqsgahRjtUt6324sc6znkU1DD0=\" rel=\"nofollow noopener\" target=\"_blank\">Luxor<\/a><\/p>\n<p align=\"justify\">\n        <strong>About Marathon Digital Holdings<\/strong>\u00a0<br \/>Marathon is a digital asset technology company that focuses on supporting and securing the Bitcoin ecosystem. The Company is currently in the process of becoming one of the largest and most sustainably powered Bitcoin mining operations in North America.<\/p>\n<p align=\"justify\">\n        <strong>Marathon Digital Holdings<\/strong><br \/>\n        <strong>\u202f<\/strong><br \/>\n        <strong>Company<\/strong><br \/>\n        <strong>\u202f<\/strong><br \/>\n        <strong>Contact:<\/strong>\u00a0<br \/>Telephone: 800-804-1690<br \/>Email:\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=NIX7SLfZduE3vUOjfKqAJ-Nmgxf17QRZUbx4yTyniQerj06BLBYWVobfTBLCkIy-i46oeLbuOTOxDFtDLG_72Q==\" rel=\"nofollow noopener\" target=\"_blank\">ir@mara.com<\/a><\/p>\n<p align=\"justify\">\n        <strong>Marathon Digital Holdings Media Contact:<\/strong><br \/>\n        <br \/>Email: <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Eerol__ll5UHJOZUrNOaa2KnyeprOEyosKvPBSlYsKiJkjZK2wnSuJXm2s79hnlXoTlW9VGrsnPAxThPwyRA8DZewjg3erp2Mt3sm2FVvxg=\" rel=\"nofollow noopener\" target=\"_blank\">marathon@wachsman.com<\/a><\/p>\n<p \/>\n      <img decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODgzMDQ0MiM1NTcxMDI1IzIwODEwMTg=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" src=\"https:\/\/ml.globenewswire.com\/media\/NDkwNjk5MDgtY2FlYS00ZjJhLTg1ZTctMDYwZjc5OWExZThjLTEwOTI1ODk=\/tiny\/Marathon-Digital-Holdings-Inc-.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Increased Operational Hash Rate 22% to 14 EH\/s and Installed Hash Rate 16% to 17.9 EH\/s in April 2023 Produced 702 BTC in April 2023 and 2,896 BTC Year-To-Date Reported Unrestricted Cash and Cash Equivalents of $123.5 Million, and Increased Unrestricted Bitcoin Holdings to 11,568 BTC (c. $319.2 Million) as of April 30, 2023 FORT LAUDERDALE, Fla., May 02, 2023 (GLOBE NEWSWIRE) &#8212; Marathon Digital Holdings, Inc. (NASDAQ:MARA) (&#8220;Marathon&#8221; or &#8220;Company&#8221;), a leader in supporting and securing the Bitcoin ecosystem, today published unaudited bitcoin (\u201cBTC\u201d) production and miner installation updates for April 2023. Management Commentary \u201cIn April, we increased our operational hash rate to 14.0 exahashes, achieving 61% of our 23 exahashes goal, and we increased our installed hash rate &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/marathon-digital-holdings-announces-bitcoin-production-and-mining-operation-updates-for-april-2023\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for April 2023&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-753989","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for April 2023 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/marathon-digital-holdings-announces-bitcoin-production-and-mining-operation-updates-for-april-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for April 2023 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Increased Operational Hash Rate 22% to 14 EH\/s and Installed Hash Rate 16% to 17.9 EH\/s in April 2023 Produced 702 BTC in April 2023 and 2,896 BTC Year-To-Date Reported Unrestricted Cash and Cash Equivalents of $123.5 Million, and Increased Unrestricted Bitcoin Holdings to 11,568 BTC (c. $319.2 Million) as of April 30, 2023 FORT LAUDERDALE, Fla., May 02, 2023 (GLOBE NEWSWIRE) &#8212; Marathon Digital Holdings, Inc. (NASDAQ:MARA) (&#8220;Marathon&#8221; or &#8220;Company&#8221;), a leader in supporting and securing the Bitcoin ecosystem, today published unaudited bitcoin (\u201cBTC\u201d) production and miner installation updates for April 2023. Management Commentary \u201cIn April, we increased our operational hash rate to 14.0 exahashes, achieving 61% of our 23 exahashes goal, and we increased our installed hash rate &hellip; Continue reading &quot;Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for April 2023&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/marathon-digital-holdings-announces-bitcoin-production-and-mining-operation-updates-for-april-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-02T22:40:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODgzMDQ0MiM1NTcxMDI1IzIwODEwMTg=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/marathon-digital-holdings-announces-bitcoin-production-and-mining-operation-updates-for-april-2023\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/marathon-digital-holdings-announces-bitcoin-production-and-mining-operation-updates-for-april-2023\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for April 2023\",\"datePublished\":\"2023-05-02T22:40:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/marathon-digital-holdings-announces-bitcoin-production-and-mining-operation-updates-for-april-2023\\\/\"},\"wordCount\":1063,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/marathon-digital-holdings-announces-bitcoin-production-and-mining-operation-updates-for-april-2023\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODgzMDQ0MiM1NTcxMDI1IzIwODEwMTg=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/marathon-digital-holdings-announces-bitcoin-production-and-mining-operation-updates-for-april-2023\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/marathon-digital-holdings-announces-bitcoin-production-and-mining-operation-updates-for-april-2023\\\/\",\"name\":\"Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for April 2023 - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/marathon-digital-holdings-announces-bitcoin-production-and-mining-operation-updates-for-april-2023\/","og_locale":"en_US","og_type":"article","og_title":"Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for April 2023 - Market Newsdesk","og_description":"Increased Operational Hash Rate 22% to 14 EH\/s and Installed Hash Rate 16% to 17.9 EH\/s in April 2023 Produced 702 BTC in April 2023 and 2,896 BTC Year-To-Date Reported Unrestricted Cash and Cash Equivalents of $123.5 Million, and Increased Unrestricted Bitcoin Holdings to 11,568 BTC (c. $319.2 Million) as of April 30, 2023 FORT LAUDERDALE, Fla., May 02, 2023 (GLOBE NEWSWIRE) &#8212; Marathon Digital Holdings, Inc. (NASDAQ:MARA) (&#8220;Marathon&#8221; or &#8220;Company&#8221;), a leader in supporting and securing the Bitcoin ecosystem, today published unaudited bitcoin (\u201cBTC\u201d) production and miner installation updates for April 2023. Management Commentary \u201cIn April, we increased our operational hash rate to 14.0 exahashes, achieving 61% of our 23 exahashes goal, and we increased our installed hash rate &hellip; Continue reading \"Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for April 2023\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/marathon-digital-holdings-announces-bitcoin-production-and-mining-operation-updates-for-april-2023\/","og_site_name":"Market Newsdesk","article_published_time":"2023-05-02T22:40:23+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODgzMDQ0MiM1NTcxMDI1IzIwODEwMTg=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/marathon-digital-holdings-announces-bitcoin-production-and-mining-operation-updates-for-april-2023\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/marathon-digital-holdings-announces-bitcoin-production-and-mining-operation-updates-for-april-2023\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for April 2023","datePublished":"2023-05-02T22:40:23+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/marathon-digital-holdings-announces-bitcoin-production-and-mining-operation-updates-for-april-2023\/"},"wordCount":1063,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/marathon-digital-holdings-announces-bitcoin-production-and-mining-operation-updates-for-april-2023\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODgzMDQ0MiM1NTcxMDI1IzIwODEwMTg=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/marathon-digital-holdings-announces-bitcoin-production-and-mining-operation-updates-for-april-2023\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/marathon-digital-holdings-announces-bitcoin-production-and-mining-operation-updates-for-april-2023\/","name":"Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for April 2023 - 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