The post Marathon Digital (MARA) Reports June 2024 Bitcoin Production Increase appeared on BitcoinEthereumNews.com.

Marathon Digital Holdings, Inc. (NASDAQ: MARA), a leading company in digital asset mining, has released its unaudited Bitcoin (BTC) production and miner installation updates for June 2024. The company reported a 2% month-over-month increase in its average operational hash rate, reaching 26.3 exahashes per second (EH/s). As of the end of June, Marathon’s BTC holdings stood at 18,536, with a total cash and Bitcoin value of $1.4 billion. Operational Performance and Enhancements According to Marathon, operational improvements at its Ellendale facility, which became fully operational in early July, were a significant factor in the increased hash rate. This facility’s performance contributed to doubling the company’s average operational hash rate year-over-year in June. Marathon’s proprietary mining pool captured 158 blocks during the month, marking a 10% increase over the previous year. However, the company experienced a 40% drop in Bitcoin production year-over-year, producing 590 BTC, primarily due to the Bitcoin halving event in April. Technological Advancements Fred Thiel, Chairman and CEO of Marathon, highlighted the company’s technological advancements, particularly the implementation of Slipstream, which played a crucial role in optimizing transaction fees. One specific transaction generated a fee of 0.85 BTC, significantly higher than the average fee of 0.15 BTC. Thiel also mentioned ongoing efforts to optimize newly acquired sites with immersion cooling technology and the latest hardware. These advancements are expected to help Marathon achieve its target of 50 EH/s by the end of the year. International Expansion On the international front, Marathon announced the launch of a 2-megawatt pilot project in Finland. This project aims to utilize recycled heat from digital asset computing to warm a community of 11,000 residents. The integration of digital asset compute with district heating is anticipated to reduce carbon emissions, lower costs, and minimize waste heat, thereby enhancing sustainability and economic savings for both…

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Filed under: News - @ July 5, 2024 4:18 pm