Marathon Digital posts 979 BTC Production in June 2023, down 21% M/M

Marathon Digital ( NASDAQ: MARA ), a major player in supporting and securing the Bitcoin ecosystem, produced 979 bitcoins in June, down 21% M/M and 599% Y/Y. The cryptocurrency miner increased its operational hash rate by 16% M/M to 17.7 EH/s and increased its installed hash rate by 8% M/M to 21.8 EH/s. As of June 30, 2023, the company held 12,538 bitcoins (c. $382 Million) and had unrestricted cash and cash equivalents of $114 million. The company increased its average BTC production per day in June by 32.6%. The company opted to sell 700 BTC during the month of June and intends to sell a portion of its bitcoin holdings in future periods to support monthly operations, manage its treasury, and for general corporate purposes. The miners JV in Abu Dhabi began mining operations and is on track to expect the full 7.0 exahashes to be online before year-end 2023. In June, about 18,500 of Marathon’s Bitcoin miners (c. 2.5 EH/s) were newly energized at Applied Digital’s facilities in North Dakota. The company’s operating fleet increased to about 149,900 Bitcoin miners in June. "The decreased production relative to last month was due to weather-related curtailment in Texas and a significant decrease in transaction fees, which fell to approximately 5.1% of the total bitcoin we earned in June compared to 11.8% in May," said Fred Thiel, Marathon’s chairman and CEO. Shares of MARA were marginally lower after hours at $15.60 on Wednesday. More on Marathon Digital: Marathon Digital: A Promise Keeper With A Few Cons Marathon Digital Could Benefit From ETF Talks Marathon Digital appoints Salman Khan as CFO Marathon Digital: Look Out Below If Bitcoin Breaks Down