Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for May 2024

Core Insights - Marathon Digital Holdings reported a 32% increase in the number of blocks won in May 2024, rising from 129 to 170 blocks compared to April 2024 [2] - The company produced 616 bitcoin in May, reflecting a 27% decline from April, which was mitigated by the increase in blocks won [2][5] - Marathon aims to achieve a hash rate of 50 EH/s by the end of 2024, with an average operational hash rate of 25.7 EH/s in May, a 22% improvement from April [3][5] Operational Highlights - Bitcoin production in May 2024 was 616 BTC, down 51% year-over-year from 1,245 BTC in May 2023 [5] - The average bitcoin produced per day was 19.9 BTC, a 51% decrease from 40.2 BTC year-over-year [5] - The share of available miner rewards increased from 3.2% in April to 4.2% in May [5] - The energized hash rate was 29.3 EH/s, a 93% increase year-over-year, while the average operational hash rate improved by 106% from 12.5 EH/s [5][8] Financial Highlights - As of May 31, 2024, the company held $290.4 million in cash and cash equivalents, a 198% increase from $97.3 million year-over-year [11] - Total bitcoin holdings reached 17,857 BTC, a 46% increase from 12,259 BTC in May 2023 [11] - The combined balance of unrestricted cash and bitcoin increased from $1,214.1 million to $1,495.2 million in May 2024 [13] Strategic Developments - Marathon has entered an agreement with the Kenyan government to optimize renewable energy projects, marking its first direct collaboration with a government [4] - The company aims for 50% of its revenues to come from international operations by 2028 [4]