07-06-2023, 05:55 PM
#1
Marathon revealed that they produced 979 bitcoins in June, down 21% from the previous month. The company also reported that transaction fees in June fell to about 5.1% from 11.8% in May as market conditions cooled down. As of July 1, Marathon held a total of 12,538 BTC and chose to sell 700 bitcoins in June.

In terms of operational updates, approximately 18,500 of Marathon’s Bitcoin miners (c. 2.5 EH/s) were energized at Applied Digital’s facilities in Ellendale, North Dakota, in June. The company’s operating fleet increased to approximately 149,900 Bitcoin miners, theoretically capable of producing approximately 17.7 EH/s, according to the manufacturer’s specifications, as of July 1, 2023.

Once all of Marathon’s previously purchased miners are installed, approximately 66% of the company’s hash rate is expected to be generated by S19 XPs, which are approximately 30% more energy efficient than the prior generation of mining rigs.

In terms of financial updates, Marathon’s total BTC holdings increased to 12,538, all of which are unrestricted. The company opted to sell 700 BTC during the month of June 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 $113.7 million in unrestricted cash and cash equivalents on its balance sheet.

Despite the drop in bitcoin production and transaction fees, Marathon’s operating fleet and BTC holdings continue to grow. The company’s focus on energy efficiency with the S19 XPs and the sale of bitcoin holdings for corporate purposes demonstrate their commitment to sustainability and responsible financial management. As the cryptocurrency market evolves, Marathon appears well-positioned to adapt and thrive.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Source Link :
news.coincu.com