Fort Lauderdale, FL — Marathon Digital Holdings, Inc. (NASDAQ: MARA), a global leader in Bitcoin mining, released its unaudited production and operational updates for March 2024. Key achievements include:
- Increased BTC Holdings: 17,381 BTC (52% YoY growth)
- Total Liquidity: $1.6B in cash and BTC reserves
- Operational Hash Rate: 18.3 EH/s (4% monthly increase)
Management Commentary
Fred Thiel, Marathon’s CEO, addressed operational challenges:
"Q1 production faced unexpected equipment failures and weather-related curtailments. Despite this, we optimized performance at other sites, achieving a 7% monthly production increase to 894 BTC. Our focus remains on energizing Ellendale gradually and leveraging new acquisitions in Texas and Nebraska."
Operational Highlights
Bitcoin Production Metrics
| Metric | Mar 2024 | Feb 2024 | YoY Δ | MoM Δ |
|-----------------------|----------|----------|-------|-------|
| Bitcoin Produced | 894 | 833 | +8% | +7% |
| Avg Daily Production | 28.8 | 28.7 | +8% | — |
| Operational Hash Rate | 18.3 EH/s | 17.6 EH/s | +59% | +4% |
👉 Explore Marathon’s latest innovations in Bitcoin mining
Site-Specific Performance
| Site | State | Host | Energized Hash Rate (EH/s) | Utilization Rate |
|------------|-------|---------------|----------------------------|------------------|
| Granbury | TX | Marathon | 4.2 | 77% |
| Ellendale | ND | Applied Digital| 6.5 | 14% |
| McCamey | TX | US Bitcoin | 7.7 | 83% |
Financial Updates
- Cash Reserves: $324.3M (unrestricted)
- BTC Sold in March: 440 BTC (strategic treasury management)
- Portfolio Expansion: ~1.1 GW capacity across 11 global sites
Strategic Developments
- Recent Acquisitions: 200MW wind farm-adjacent data center (closed April 2)
- Technology Innovations: Two-phase immersion cooling system launched March 26
Upcoming Events
- Bitcoin Policy Summit: April 9, Washington D.C.
- Blockchain Life 2024: April 15–16, Dubai
FAQs
Q: Why did Marathon’s cash reserves decrease by 24% MoM?
A: The decline reflects strategic BTC acquisitions and operational investments ahead of the Bitcoin halving.
Q: When will Ellendale reach full capacity?
A: Gradual re-energization is expected over "coming months," per Applied Digital’s timeline.
Q: How does Marathon rank among global Bitcoin miners?
A: Marathon is transitioning into a top-tier miner with 29.8 EH/s potential capacity post-miner relocations.
👉 Learn how Marathon secures the Bitcoin ecosystem
Disclaimer: Forward-looking statements involve risks detailed in SEC filings. Updated April 2024.
### Key SEO Keywords:
1. Bitcoin mining
2. Marathon Digital Holdings
3. BTC production
4. Hash rate
5. Cryptocurrency mining
6. Blockchain technology
7. Digital assets