Marathon's bitcoin production fell by 47.8% in June after storm knocked much of its mining fleet offline

Quick Take

  • Marathon’s monthly bitcoin production fell by 47.8% in June, mainly due to a storm in Montana that affected 75% of its active mining fleet.
  • The bitcoin miner hasn’t sold any bitcoin since December 2020 and currently holds 10,055 BTC.

Marathon self-mined 140 bitcoin in June — a 47.8% month-over-month reduction that was mainly a consequence of a storm that knocked 75% of the company's active mining fleet offline.

The bitcoin miner currently holds 10,055 BTC at a market value of $198.9 million, according to a statement Thursday. It hasn't sold any bitcoin since October 2020. "However, as production ramps in the near future, Marathon may sell a portion of its monthly bitcoin production as needed to fund monthly operating costs," the statement read.

Last month, the company unwound an investment in NYDIG Digital Assets and transferred roughly 4,769 BTC from its investment fund to its bitcoin wallet. It also "continued to work through several operational obstacles as we progressed with installing miners in Texas in preparation of energization," said CEO and chairman Fred Thiel.

Marathon currently has 29,640 miners, representing approximately 2.9 exahashes per second (EH/s), installed and ready for energization in Texas. This was supposed to happen in June, but the company said that that process is still underway with its host Compute North’s energy provider.

Marathon also announced that it repaid $35 million worth of outstanding revolving credit lines last month, bringing its outstanding balance to $35 million. The company currently has roughly $88.7 million in cash and $153.7 million in total liquidity.

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