Marathon Digital increased reserves to 18,536 BTC in June 2024

The well-known mining company Marathon Digital published a report on its activities in June 2024. The firm has mined 590 BTC, which is approximately $35.64 million at the time of writing.

The press release talks about significant growth in Marathon Digital's performance during the reporting period. In particular, the company's mining pool produced 158 blocks in a month. That's a 10% increase from June 2023, Marathon Digital Chairman and CEO Fred Thiel said.

In addition, the company managed to improve its average operating hashrate year on year. In June, this figure reached 26.3 EH/s.

Meanwhile, the first cryptocurrency's year-on-year production fell by 40% to 590 BTC. First of all, this is due to the Bitcoin halving in April 2024, noted Fred Thiel. At the same time, the transaction fees of the Bitcoin miner amounted to almost 7% of the total volume.

Marathon Digital's total holdings are now valued at 18,536 BTC, equivalent to $1.11 billion. The company did not sell Bitcoin in June, but plans to sell some assets in the future to support business processes, treasury management and general corporate purposes.

According to the release, in June, Marathon Digital connected about 13,000 additional miners, the total hashrate of which is estimated at 2 EH/s. The company's operating fleet has expanded to 250,000 devices with a total hashrate of 31.5 EH/s.

“In the domestic market, our team continues to optimize our newly acquired facilities using immersion cooling technology and the latest generation equipment. With these achievements and fleet expansion, we continue to move towards our goal of 50 EH/s,” said the CEO of Marathon Digital.

Fred Thiel also recalled the launch of a pilot program to heat one of the settlements in Finland using the heat generated by the data center.