Marathon is a digital asset technology company that focuses on supporting and securing the Bitcoin ecosystem, and it is in the process of becoming one of the largest and most sustainably powered Bitcoin mining operations in North America as it claims.
The installed hash rate climbed by 8% to 21.8 EH/s, while the operational hash rate increased by 16% to 17.7 exahashes per second (EH/s).With the start of mining activities, the joint venture in Abu Dhabi is on schedule to achieve 7 EH/s by the end of the year.
The joint venture in Abu Dhabi began mining operations and is on track to reach 7 EH/s by the end of the year.
The company reported unrestricted cash and cash equivalents of $114 million and increased unrestricted Bitcoin holdings to 12,538 BTC (approximately $382 million) as of June 30, 2023.
The decrease in bitcoin production compared to the previous month was due to weather-related curtailment in Texas and a significant decrease in transaction fees.
Marathon‘s operating fleet increased to approximately 149,900 Bitcoin miners, theoretically capable of producing approximately 17.7 EH/s, as of July 1, 2023.
Marathon sold 700 BTC during June and plans to sell a portion of its bitcoin holdings in future periods to support monthly operations, manage its treasury, and for general corporate purposes.