Bitcoin Miner Marathon Produces 979 BTC in June; Retains $382M in Reserves

Bitcoin

Prominent Bitcoin Miner Marathon Digital announced that it produced 979 bitcoin (BTC) in June, down 21% month-over-month (MoM) and up 599% year-over-year (YoY). The latest figure brings the company’s year-to-date (YTD) Bitcoin production to 5,120 BTC.

Decrease in BTC Production  

The miner attributed the drop in production compared to last month to “weather-related curtailment in Texas” and a significant decline in transaction fees, which dropped to approximately 5.1% of the total bitcoin it earned in June relative to 11.8% in May.

“The emergence of Ordinals significantly increased transaction fees in May, and while network congestion eased in June, we view recent trends as a positive sign for the future of mining economics,” Marathon added.

For June, Marathon increased its average daily BTC production by 32.6%. At the same time, the miner increased its operational hash rate by 16% MoM to 17.7 exhashes per second (EH/s) and raised its installed hash rate by 8% MoM to 21.8 EH/s.

Marathon reported that as of the end of June, it held 12,538 BTC, worth $382 million, and unrestricted cash and cash equivalents of $114 million.

Marathon Opted to Sell 700 BTC in June 

The US-based miner opted to sell 700 BTC during June and plans to sell some part of its total BTC holdings in future periods to support monthly operations, manage its treasury, and for general corporate purposes.

In its latest report, Marathon revealed that its new joint venture in Abu Dhabi started hashing earlier this week and is on track for the full 7.0 exahashes to be online before the end of the year.

The miner also noted that approximately 18,500 miners were newly energized in June at Applied Digital’s facilities in Ellendale, North Dakota. According to Marathon, this growth was partially offset by 3,000 older-generation miners being relieved of their service following “the expiration of a hosting agreement in Ohio.”

As a result, the company’s operating fleet grew to approximately 149,900 Bitcoin miners in June, according to Marathon.

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