Bitcoin Miner Marathon Digital Eyes 199,000 Miners, Holds over 9,000 BTC

• Marathon Digital Holdings, one of the largest North American bitcoin-miners, released its production and mining operations update for April 2022.
• Total bitcoin holdings equal 9,673 BTC valued at $377.2 million with YTD production increases of 340% over the same period last year.
• By early 2023, the total mining fleet of Marathon will contain 199,000 active miners.

Marathon Digital Holdings Inc (Nasdaq: MARA), one of the largest North American bitcoin-miners, released its production and mining operation update for April 2022 showing total bitcoin holdings of 9,673 BTC valued at $377.2 million at time of writing, according to a press release.

The addition of 4,183 miners extended Marathon’s hashrate by 0.4 exahash per second (EH/s). All of the miners were installed at a new location in Texas in liquid-immersed containers with thousands more currently expected to be energized throughout May. Once these miners are operational the total mining fleet will consist of 36,830 miners reaching a cumulative 3.9 EH/s.

During the month of April, Marathon mined 299 BTC valued at $11.6 million at time of writing. Marathon notes the production was down an estimated 30% due to ongoing maintenance and downtime at a facility located in Hardin, Montana. The maintenance for this facility was to achieve Marathon’s goal of 100% carbon neutrality by the end of 2022 by transitioning from fossil fuel powered miners to renewable operations.

Year-to-date (YTD) the mining fleet of Marathon has produced 1,558 BTC valued at $60.7 million at time of writing, representing a 340% year-over-year (YoY) increase. By early 2023, Marathon expects to have a total fleet of 199,000 miners reaching a hashpower of 23.3 EH/s. The entirety of this fleet is expected to be 100% carbon neutral.

Marathon’s cash reserves totalled $40.4 million at the end of April and noted that total liquidity, which includes cash and credit facilities, reached a total $70.4 million.