Marathon Reports 30 EH/s in ‘Energized’ Bitcoin Hashrate

Marathon, the largest public bitcoin mining firm by market cap and fleet size, said it has reached a hashrate of 30 EH/s after energizing an additional 13,000 miners, adding 2 EH/s to its capacity.

In a production update on Wednesday, Marathon revealed that its mining fleet now comprises approximately 250,000 energized bitcoin miners, totaling a hashrate capacity of 31.5 EH/s.

Despite this expansion, Marathon reported production of 590 BTC in June, a decline of 4.2% compared to May, despite a lower network hashrate. This indicated a realized hashrate of 23.75 EH/s, down about 5% month-over-month, and accounted for 75.4% of the energized 31.5 EH/s.

Meanwhile, rival mining firms such as Bitfarms (NASDAQ: BITF), Cipher, and CleanSpark have increased both their energized hashing power and bitcoin production, capitalizing on the overall network hashrate decline.

Marathon has been experiencing operational downtime due to infrastructure issues at its hosting partner, Applied Digital. Earlier this year, Applied Digital’s Garden City and Ellendale sites suffered power outages. Subsequently, Marathon acquired the Garden City site from Applied Digital in an $87 million deal.

According to Marathon’s June production update, the downtime at the Garden City and Ellendale sites appeared to be a main factor in the lower hashrate realization rate. However, it is expected that the Ellendale site will reach a full capacity of 7.7 EH/s in July.

Applied Digital stated in a filing on Tuesday that “upgrades to the Ellendale facility’s equipment were completed, and the facility has been restored to full operating capacity at 180 MW.”