Marathon Digital Holdings (NASDAQ: MARA), a leader in supporting and securing the Bitcoin ecosystem, has released unaudited Bitcoin (“BTC”) production and miner installation updates for November 2022. According to the announcement, the company produced 472 Bitcoin during the month, bringing the total to date for the quarter to 1,087. In addition, the company reported that, as of Nov. 30, 2022, it had increased its unrestricted cash to $61.7 million and unrestricted Bitcoin holdings to 4,200 Bitcoin. The company also noted that it is consistently working to execute on its strategy to improve how efficiently it converts electricity into value, including recently launching an immersion pilot program. “In November, we strengthened our liquidity position, produced 472 Bitcoin, and began improving the efficiency of our mining operations with new technologies,” said Marathon chair and CEO Fred Thiel in the press release. “Given the current macro environment, we took proactive measures to reduce our revolver borrowings from $50 million as of November 9 to $30 million as of November 30. The combination of this debt repayment and our monthly production increased our unrestricted bitcoin holdings from 1,950 BTC on November 9 to 4,200 BTC as of November 30, and we ended the month with $61.7 million in cash on hand. Our production in November was negatively impacted by curtailment at the King Mountain site in Texas. This increased curtailment was caused by spot market pricing of energy driven by weather combined with lower bitcoin prices. We are working on optimizing curtailment strategies and site operations with the new operator and expect King Mountain’s productivity to improve in the coming months. We remain confident that Marathon is well-positioned to continue scaling into one of the largest and most energy-efficient operators in the industry.”
To view the full press release, visit https://ibn.fm/Zbvw9
About Marathon Digital Holdings
Marathon is a digital asset technology company that focuses on supporting and securing the Bitcoin ecosystem. The company is currently in the process of becoming one of the largest and most sustainably powered Bitcoin mining operations in North America, while remaining asset light. For more information about the company, please visit www.MarathonDH.com.
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