tl;dr
MARA Holdings saw a 25% decline in Bitcoin mining production in June due to adverse weather at its Texas facility and rising industry mining difficulty, mining 713 Bitcoin and securing 211 blocks. Despite this, MARA holds 49,940 BTC valued at over $5 billion. CEO Fred Thiel cited weather disruptions...
MARA Holdings experienced a 25% decline in Bitcoin mining production in June due to adverse weather conditions at its Texas facility and increasing mining difficulty across the industry. The Florida-based company mined 713 Bitcoin in June, down by 237 tokens from May, and secured 211 blocks last month, a 25% drop from the previous record of 282 blocks. Despite these setbacks, MARA maintained a substantial Bitcoin reserve of 49,940 BTC, valued at over $5 billion as of June 30.
CEO Fred Thiel attributed the production decline to weather-related disruptions and the temporary use of older mining machines while storm damage was being repaired. He also noted that variability in block luck, a natural phenomenon in their mining pool operations, played a role. Looking ahead, MARA plans to increase its network capacity by 40%, aiming for 75 exahashes by the year's end, indicating strong confidence in efficient capital deployment and low-cost power strategies.
Bitcoin mining’s difficulty level rose by approximately 2.6% between April 30 and June 17, posing additional challenges for miners. MARA’s stock price showed a slight increase to $15.70, while Bitcoin traded around $105,862, reflecting a minor dip. The June downturn follows a previous 38% increase in block production in May, signaling some volatility in mining success.
Despite the production slip, MARA is doubling down on Bitcoin accumulation, having announced a $2 billion stock offering earlier in March to boost its token holdings. This move aligns with a growing trend among publicly traded companies, like MicroStrategy, that have shifted focus toward aggressive Bitcoin acquisition. Currently, over 140 companies hold Bitcoin, highlighting the increasing institutional interest in cryptocurrency as a strategic asset.