MARA Announces Bitcoin Production and Mining Operation Updates for September 2024
Rhea-AI Summary
MARA, a leading bitcoin miner, reported significant growth in its September 2024 operations. The company increased its energized hash rate by 5% to 36.9 EH/s and saw a 6% increase in block wins to 207. BTC production grew by 5% to 705 BTC, with an average daily production of 23.5 BTC. MARA's BTC holdings reached 26,842 BTC, surpassing a 'marathon worth' of bitcoin HODL.
The company remains on track to achieve its target of 50 EH/s by the end of 2024. Ongoing projects include the conversion of the Granbury data center to immersion containers, expected to be completed before year-end. MARA also became the first publicly traded digital asset compute company to submit a disclosure to the Climate Disclosure Project (CDP), demonstrating its commitment to environmental transparency.
Positive
- Energized hash rate increased 5% to 36.9 EH/s
- Block wins increased 6% to 207 in September
- BTC production grew 5% to 705 BTC
- BTC holdings increased to 26,842 BTC
- On track to reach 50 EH/s target by end of 2024
- First publicly traded digital asset compute company to submit disclosure to Climate Disclosure Project (CDP)
Negative
- Transaction fees as % of total decreased from 2.7% to 1.7%
Insights
MARA's September performance shows solid operational progress. The 5% increase in energized hash rate to 36.9 EH/s and 6% growth in block wins demonstrate improved mining efficiency. The company produced 705 BTC, up 5% month-over-month, maintaining its position as a top Bitcoin miner.
The increase in BTC holdings to
Progress towards the 50 EH/s target by year-end and the ongoing Granbury data center upgrade suggest continued operational improvements. The Climate Disclosure Project submission highlights MARA's focus on sustainability, which could appeal to ESG-conscious investors.
While the company's growth trajectory is positive, investors should consider the volatile nature of Bitcoin mining profitability, which is heavily dependent on BTC price movements and network difficulty adjustments.
MARA's September performance underscores its strong position in the Bitcoin mining sector. The 5.2% share of available miner rewards indicates MARA's significant contribution to the Bitcoin network's security and decentralization.
The decrease in transaction fees as a percentage of total rewards from
MARA's strategy of accumulating Bitcoin (26,842 BTC held) aligns with a long-term bullish outlook on BTC price. This approach can be beneficial during bull markets but may strain liquidity during prolonged downturns.
The company's focus on operational efficiency, evidenced by the Granbury data center upgrade to immersion cooling, is important in the competitive mining landscape. This could lead to improved hash rate and energy efficiency, potentially boosting profitability.
Energized Hash Rate Increased
207 Blocks Won in September,
Increased BTC Holdings to 26,842 BTC
Fort Lauderdale, FL, Oct. 02, 2024 (GLOBE NEWSWIRE) -- MARA (NASDAQ: MARA) ("MARA" or the "Company"), one of the world’s largest publicly traded bitcoin ("BTC") miners and a leader in supporting and securing the Bitcoin ecosystem, today published unaudited BTC production updates for September 2024.
Management Commentary
“In September, the strength of our globally diversified operations was evident as we achieved significant uptime and increased our energized hash rate to 36.9 EH/s, reflecting
"We remain on track to reach our target of 50 EH/s by the end of 2024. Our team continues to quickly energize our owned sites and operate them more efficiently than originally planned. The conversion of our Granbury data center from air cooled to MARA's immersion containers is progressing on time and we expect this work to be completed before year end.
"Finally, we are proud to be the first publicly traded digital asset compute company to submit a disclosure to the Climate Disclosure Project (CDP), reinforcing our commitment to environmental transparency and corporate responsibility. "
Operational Highlights and Updates
Figure 1: Operational Highlights
| Prior Month Comparison | ||||||||||||
| Metric | 9/30/2024 | 8/31/2024 | % Δ | |||||||||
| Number of Blocks Won 1 | 207 | 196 | 6 | % | ||||||||
| BTC Produced | 705 | 673 | 5 | % | ||||||||
| Average BTC Produced per Day | 23.5 | 21.7 | 8 | % | ||||||||
| Share of available miner rewards 2 | 5.2 | % | 4.8 | % | NM | |||||||
| Transaction Fees as % of Total 1 | 1.7 | % | 2.7 | % | NM | |||||||
| Energized Hash Rate (EH/s) 1 | 36.9 | 35.2 | 5 | % | ||||||||
- These metrics are MARAPool only and do not include blocks won from joint ventures.
- Defined as the total amount of block rewards including transaction fees that MARA earned during the period divided by the total amount of block rewards and transaction fees awarded by the Bitcoin network during the period.
NM - Not Meaningful
As of September 30, 2024, the Company held a total of 26,842 unrestricted BTC. MARA opted not to sell any BTC in September.
Investor Notice
Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under the heading "Risk Factors" in our most recent annual report on Form 10-K and any other periodic reports that we may file with the U.S. Securities and Exchange Commission (the “SEC”). If any of these risks were to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. See "Forward-Looking Statements" below.
The operational highlights and updates presented in this press release pertain solely to our BTC mining operations. Detailed information regarding our other operations can be found in our periodic reports filed with the SEC.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical fact, included in this press release are forward-looking statements. The words “may,” “will,” “could,” “anticipate,” “expect,” “intend,” “believe,” “continue,” “target” and similar expressions or variations or negatives of these words are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such forward-looking statements include, among other things, statements related to the expected timing and achievement of our growth targets, specifically relating to our anticipated hash rate and exahash growth, the transition to immersion coolers at the Granbury site and our BTC treasury policy. Such forward-looking statements are based on management’s current expectations about future events as of the date hereof and involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Subsequent events and developments, including actual results or changes in our assumptions, may cause our views to change. We do not undertake to update our forward-looking statements except to the extent required by applicable law. Readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements included herein are expressly qualified in their entirety by these cautionary statements. Our actual results and outcomes could differ materially from those included in these forward-looking statements as a result of various factors, including, but not limited to, the factors set forth under the heading “Risk Factors” in our most recent annual report on Form 10-K, and any other periodic reports that we may file with the SEC.
About MARA
MARA (NASDAQ:MARA) is a global leader in digital asset compute that develops and deploys innovative technologies to build a more sustainable and inclusive future. MARA secures the world’s preeminent blockchain ledger and supports the energy transformation by converting clean, stranded, or otherwise underutilized energy into economic value.
For more information, visit www.mara.com, or follow us on:
Twitter: @MarathonDH
LinkedIn: www.linkedin.com/company/marathon-digital-holdings
Facebook: www.facebook.com/MarathonDigitalHoldings
Instagram: @marathondigitalholdings
MARA Company Contact:
Telephone: 800-804-1690
Email: ir@mara.com
MARA Media Contact:
Email: marathon@wachsman.com
FAQ
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