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

Marathon Digital Holdings announced its April 2022 mining production updates noting over 9,000 BTC held in reserves and plans for a total mining fleet of 199,000.

• 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.