Bitcoin Stock News Bite - Marathon (NASDAQ: MARA) Announces Bitcoin Production and Mining Operation Updates for January 2024
February 5, 2024 (Investorideas.com Newswire) Investorideas.com (www.investorideas.com) Bitcoin Stock News Bites - Marathon Digital Holdings, Inc. (NASDAQ:MARA) today published unaudited bitcoin ("BTC") production and miner installation updates for January 2024.
"In January, we increased our energized hash rate 7% to 26.4 exahash as our team worked to address several temporary disruptions that negatively impacted our production," said Fred Thiel, Marathon's chairman and CEO. "These disruptions included weather-related curtailment and equipment failures that led to site outages and reduced our average operational hash rate 14% to 19.3 exahash in January. Additionally, total network rewards decreased 14% month-over-month as transaction fees, which spiked in the prior month and represented 22% of our overall production in December, declined to 11% of our overall production in January. As a result, we produced 1,084 BTC in January, 42% less than we produced in December. Our team is addressing the short-term disruptions and working to bring our sites back to full strength. We expect hash rate to improve over the next few weeks.
"While our team began addressing these domestic challenges, we also made notable progress internationally. In collaboration with our regional partner, we completed the construction and energization all 250 megawatts of our joint venture in Abu Dhabi, which is among the most technologically advanced immersion deployments globally and operates at nearly 100% uptime. At the same time, we continued executing our joint venture in Paraguay. This deployment now has 2,100 miners, or 0.3 exahash, operational, and we continue to expect the full 1.1 exahash to be online in Q2 2024.
"After closing the acquisition of the data centers in Granbury, Texas and Kearney, Nebraska in January, we announced last week that we would be terminating Hut8 as the operator of these sites and we intend to assume full operational control ourselves by April 30. By directly owning and operating these sites, we believe we can reduce our operating fees, thereby improving our cost to produce bitcoin, more effectively participate in energy hedging and other energy management services and streamline the implementation of our proprietary technology to improve operational efficiency.
"We have already added another 0.9 exahash of capacity at our newly owned facility in Granbury, Texas, and we expect progress to accelerate as we gain more operational influence. As we closed the acquisition, our team immediately began engaging with the local community in Granbury, and we look forward to a long and mutually beneficial relationship. With the acquisition closed and seven exahash of miners on order and almost entirely paid, we have a clear path to grow our hash rate another 30% this year and reach 50 EH/s by the end of 2025."
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