Marathon Digital's June Bitcoin Production Jumps 599% Y/Y, JV in Abu Dhabi Begins Mining Operations

Marathon Digital Holdings, Inc. MARA produced 979 bitcoin in June, up 599% on a year-over-year basis. The print is down 21% from last month.

The decreased production relative to last month was due to weather-related curtailment in Texas and a significant decrease in transaction fees.

"In June, we increased our operational hash rate 16% month-over-month to 17.7 exahashes, and we increased our installed hash rate 8% month-over-month to 21.8 exahashes," said Fred Thiel, Marathon's chairman and CEO.

The average BTC produced daily jumped 599% to 32.6 in June on a Y/Y basis. However, the metric fell 19% compared to May.

In June, approximately 18,500 of Marathon's Bitcoin miners (c. 2.5 EH/s) were energized at Ellendale, North Dakota facilities.

As of July 1, Marathon holds 12,538 BTC, all unrestricted. 

The company ended the month with $113.7 million in unrestricted cash and equivalents on its balance sheet.

"We are also excited to announce that our new joint venture in Abu Dhabi began hashing earlier this week as the first containers in our Mina Zayed facility powered up," Thiel added.

Also Read: MARA shares are trading higher by 2.70% to $15.98 in the premarket session on the last check Thursday.