Marathon Digital Holdings, Inc. (NASDAQ: MARA), one of the largest publicly traded Bitcoin mining companies, has released its operational and financial updates for April 2024. The report highlights significant growth in hash rate, Bitcoin production, and treasury holdings, reinforcing the company’s position as a key player in the global Bitcoin ecosystem.
With a strategic focus on scalability, efficiency, and sustainable energy use, Marathon continues to expand its mining footprint across North America. The company has also revised its year-end 2024 hash rate target to 50 exahash per second (EH/s), a milestone that reflects aggressive growth plans fully backed by existing capital and infrastructure.
Operational Growth and Hash Rate Performance
In April 2024, Marathon achieved a 15% month-over-month increase in average operational hash rate, reaching 21.1 EH/s—a new record for sustained performance. This growth was driven by the successful reactivation of capacity at the Ellendale site and the energization of approximately 14,000 additional miners, equivalent to about 2.0 EH/s. Of these, 9,500 miners were relocated from Ellendale to Garden City, Texas, optimizing operational efficiency across its portfolio.
The company also reached an all-time high operating hash rate of 25.9 EH/s during the month, demonstrating strong technical execution and network readiness. Marathon’s total installed hash rate now stands at 29.9 EH/s, with an energized fleet of around 240,000 Bitcoin mining machines.
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Key Operational Metrics (April 2024)
- Bitcoin Produced: 850 BTC (21% increase year-over-year)
- Average Daily Production: 28.3 BTC
- Transaction Fees as % of Total Rewards: 16.2%
- Blocks Mined: 129 (up 9% from March)
- Share of Network Rewards: 3.2%
The post-Halving environment has reduced block subsidies across the network, but Marathon leveraged elevated transaction fees—peaking around the April 20 event—to maintain revenue stability. Through its proprietary Slipstream transaction acceleration service and MARA Pool, the company captured outsized rewards, including a block with 16 BTC in fees and another with 10 BTC in fees.
Site-Level Operational Breakdown
Marathon operates a diversified portfolio of mining sites across Texas, Nebraska, and North Dakota, combining owned-operated facilities with third-party hosted locations. The April data reveals strong progress in utilization rates and geographic expansion.
Owned-Operated Sites
- Granbury, TX: Installed 4.4 EH/s, average operational rate at 3.6 EH/s (82% utilization)
- Garden City, TX: Installed 5.8 EH/s, operational at 4.6 EH/s (79% utilization)
- Kearney, NE: Installed 1.9 EH/s, operational at 1.2 EH/s (63% utilization)
Total owned-operated capacity reached 12.1 EH/s, up from 9.9 EH/s in March.
Third-Party Hosted Sites
- McCamey, TX (US Bitcoin): 7.6 EH/s installed, 6.2 EH/s operational
- Ellendale, ND (Applied Digital): 6.5 EH/s installed, but only 1.9 EH/s operational (29% utilization) due to ongoing maintenance
- Jamestown, ND (Applied Digital): Near-full utilization at 99%
Despite lower utilization at Ellendale, Marathon expects full recovery as upgrades are completed.
Financial Position and Bitcoin Treasury
As of April 30, 2024, Marathon held 17,631 BTC in unrestricted holdings—up from 17,381 BTC in March and a significant increase from 11,568 BTC in April 2023. The company’s combined treasury value of cash and Bitcoin totaled $1.6 billion.
While Marathon sold 600 BTC during the month to fund operations and manage liquidity, it maintains a disciplined approach to treasury management. Unrestricted cash stood at $133.3 million**, with total cash and equivalents at **$145.3 million.
Although cash levels declined from March due to capital expenditures and operational costs, the company reaffirmed that its growth initiatives are fully funded through existing liquidity and financing arrangements.
👉 Learn how top mining firms manage treasury strategies in volatile markets.
Raised 2024 Hash Rate Guidance: Targeting 50 EH/s
One of the most significant announcements in April was Marathon’s decision to raise its year-end installed hash rate target from previous estimates to 50 EH/s—effectively doubling its current operational scale by December 2024.
This ambitious goal is supported by:
- Ongoing deployment at recently acquired sites (including Kearney and Garden City)
- Confirmed delivery schedules for new mining hardware
- Access to scalable power infrastructure
- Sufficient capital reserves to fund expansion
CEO Fred Thiel emphasized that this growth will help offset the impact of the Bitcoin Halving, which reduced block rewards from 6.25 to 3.125 BTC per block.
“We are accelerating our growth plans to mitigate the impact of the Halving,” said Thiel. “With available capacity and access to new machines, we now believe it’s possible to double Marathon’s mining operations this year.”
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Frequently Asked Questions
Q: What is Marathon Digital Holdings’ current hash rate?
A: As of April 2024, Marathon’s average operational hash rate was 21.1 EH/s, with a peak of 25.9 EH/s during the month. Total installed capacity reached 29.9 EH/s.
Q: How much Bitcoin does Marathon hold?
A: The company holds 17,631 BTC in unrestricted holdings as of April 30, 2024, with a combined cash and BTC treasury value of $1.6 billion.
Q: Did Marathon sell any Bitcoin in April?
A: Yes, Marathon sold 600 BTC during April to support operations and manage treasury risk.
Q: What is Marathon’s hash rate target for end of 2024?
A: The company has increased its guidance to achieve 50 EH/s of installed hash rate by December 31, 2024—a fully funded goal based on current liquidity.
Q: How did Marathon benefit from transaction fees after the Halving?
A: Elevated network congestion led to record transaction fees. Marathon captured additional revenue through its Slipstream service and MARA Pool, with transaction fees accounting for 16.2% of total mining rewards in April.
Q: Are Marathon’s mining operations sustainable?
A: Yes. The company emphasizes using underutilized energy sources and has acquired sites adjacent to renewable power infrastructure, such as wind farms.
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Conclusion
Marathon Digital Holdings is executing a clear and aggressive growth strategy in a post-Halving Bitcoin landscape. By increasing operational efficiency, expanding into new sites, and leveraging proprietary technologies like Slipstream and MARA Pool, the company is positioning itself to maintain profitability despite reduced block subsidies.
With a strengthened balance sheet, growing BTC reserves, and a fully funded path toward 50 EH/s by year-end, Marathon remains a leader in institutional-scale Bitcoin mining.
Investors and crypto enthusiasts alike will be watching closely as the company reports its Q1 2024 earnings on May 9, 2024—a moment likely to provide further clarity on financial health and long-term vision.
Note: This article contains forward-looking statements subject to risks and uncertainties. Past performance is not indicative of future results.