Q3 Earnings Summary | Marathon Digital Holdings
Listen to an excerpt from Marathon Digital Holdings' Charmain & CEO Fred Thiel as he provides updates on the company's Q3 earnings, as well as insight on how we're targeting lower costs per coin using efficient mining fleets, tapping into low-cost energy, and pioneering #BitcoinMining heating projects for additional revenue. To listen to the full Q3 earnings call, visit mara.com.
Transcripts are autogenerated. May contain typos.
in the third quarter we increased our energized hash rate 8% from 17.7 exahhashes to 19.1 exahashes over the same period our average operational hash rate for the quarter increased 18% the faster growth in realized hash rate was due to improved uptime that helped Drive record Bitcoin production of 3,490 Bitcoin up 19% from the prior quarter as well as lower cost per coin energization of more efficient mining rigs is also lowering our electricity consumption on a per has basis our mining Fleet is already among the most
efficient in the industry and growing our hash rate with ever more efficient machines will continue to lower our cost per coin this process is encouraging our operational priorities remain unchanged we're still focusing on growing our market share in the most efficient and sustainable methods possible while optimizing our operations to continually Drive Lower costs our ultimate goal is zeroc cost energy you may ask how is this possible in addition to creating innovative ways to leverage energy that was previously inaccessible we can
repurpose the heat generated by Bitcoin mining towards revenue generated projects such as heating green houses shrimp farming and other forms of low-grade industrial heat processes we look forward to sharing more of the Innovative projects that we're exploring in the months ahead why are we so focused on low cost or even zero cost energy well as many of you know Bitcoin mining revenues are impacted by the having events that occur every four years when block reward subsidies are reduced by 50% in Bitcoin terms the next having is less than six
months away over time Bitcoin miners must reduce their Reliance on block subsidies and increasing Bitcoin prices we believe that longterm we can operate profitably by consuming wasted energy while monetizing heat off tape the early results of our initial Pilots look very promising by reducing our dependence on block subsidies we greatly improved the long-term viability of the Enterprise to listen to the full earnings call visit mar.com