In June 2024, Marathon‘s (Nasdaq: MARA) average operational hashrate grew by 2% month-over-month to 26.3 exahash per second (EH/s). This increase was attributed to operational improvements and the facility in Ellendale being fully operational. Despite this, the company experienced a 40% year-over-year decrease in bitcoin production, generating 590 BTC due to the April halving. Notably, transaction fees made up almost 7% of the total production, with one transaction fee reaching 0.85 BTC.

The earnings report discloses that the company continued to enhance its mining capabilities domestically and internationally. Domestically, Marathon Digital focused on optimizing its sites with immersion cooling technology and next-generation hardware, aiming to reach a target of 50 EH/s by the end of the year. Internationally, the company launched a 2-megawatt pilot project in Finland, utilizing recycled heat from digital asset computing to warm a community, enhancing sustainability and reducing carbon emissions.

“Due to operational improvements in Ellendale and the facility being fully operational as of the beginning of July, we doubled our average operational hashrate year-over-year in June to 26.3 exahash,” Fred Thiel, Marathon’s chairman and CEO.

The report notes that by the end of June 2024, Marathon’s total bitcoin holdings stood at 18,536 BTC, with a combined balance of cash and bitcoin equivalent to $1.4 billion. The company stated that it intends to sell a portion of its bitcoin (BTC) holdings to support operations and for general corporate purposes, while also seeking opportunities to increase its bitcoin yield through strategic acquisitions. On Wednesday, MARA shares on Nasdaq were down 3.6% at 10 a.m. EDT.

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