Marathon Digital Holdings, one of North America’s leading enterprise Bitcoin mining firms, has released its unaudited operational update for May 2022, highlighting key developments in Bitcoin production, miner installations, and progress toward its long-term hash rate and sustainability goals.
Operational Highlights as of June 1, 2022
- Total Bitcoin holdings reach 9,941 BTC, with a fair market value of approximately $315.1 million
- 19,000 miners installed and awaiting energization across Texas facilities, representing ~1.9 EH/s
- Active mining fleet: 36,830 miners producing ~3.9 EH/s
- 268 BTC mined in May 2022, below expectations due to maintenance issues
- Cash on hand: $59.6 million**, total liquidity (cash + credit facilities): **$86 million
- Ongoing transition from Hardin, Montana to sustainable Texas-based operations planned for Q3 2022
👉 Discover how leading Bitcoin miners are scaling sustainably and efficiently in 2025.
CEO Commentary: Navigating Energization Delays
Fred Thiel, Chairman and CEO of Marathon Digital Holdings, provided insight into current operational challenges and future expectations:
“Although we continue to install miners at the Texas facilities, we have experienced delays in energization as Compute North’s energy provider awaits federal agency confirmation of its exempt status for tax purposes based upon its arrangements with Compute North,” said Thiel. “While these delays have been disappointing, our current understanding is that miners should start to come online this month.”
Despite setbacks, Marathon has made significant progress in physical installations. The company now has 19,000 miners (approximately 1.9 EH/s) fully installed and ready for power activation across its Texas sites. Of these, over 9,000 units (0.9 EH/s) are located at Compute North’s first major West Texas facility.
This flagship site is being developed in four phases and is expected to be fully constructed by the end of Q3 2022. Once complete, it will house around 68,000 Marathon miners, delivering a total capacity of 6.8 EH/s.
Challenges Impacting May Bitcoin Output
Bitcoin production in May totaled 268 BTC, a notable decrease from projected output. The shortfall was primarily due to two interrelated factors:
- Energization delays in Texas – Despite completed installations, power connectivity remains pending due to regulatory review of tax-exempt status for the energy provider.
- Maintenance issues at the Hardin, MT power station – Technical problems—including malfunctions between induced and forced draft fans, particulate buildup requiring cleaning, and GSU transformer testing—collectively reduced potential mining output by approximately 47% during the month.
These operational constraints have temporarily hampered hash rate efficiency but are expected to be resolved as Texas deployments move forward.
Miner Deployment Timeline and Hash Rate Expansion
Marathon remains on track to achieve its strategic goal of 23.3 EH/s by early 2023, contingent on timely energization and continued hosting partnerships.
Compute North Texas Facility – Deployment Schedule
- June 2022: 19,000 miners installed (includes pre-installed units)
- July 2022: Target of 21,000 miners
- August 2022: Target of 28,000 miners
The first substation at the West Texas site—housing over 9,000 miners—is already complete and awaiting power. The full facility will span four substations with a combined capacity of 280 MW, dedicated exclusively to Bitcoin mining.
With more than 199,000 miners in the pipeline, Marathon is positioning itself for substantial scale-up over the coming months.
Year-to-Date Bitcoin Production and Holdings
Through May 31, 2022, Marathon’s mining operations have generated 1,826 BTC, marking a 214% increase compared to the same period in 2021.
The company has maintained a strict “hodl” strategy since October 2020, refraining from selling any mined Bitcoin. Its current holdings include BTC purchased in January 2021 at an average price of $31,168 per coin.
As of June 1, 2022, with Bitcoin trading at approximately $31,641**, Marathon’s total Bitcoin portfolio was valued at **$315.1 million.
Commitment to Carbon Neutrality
Marathon reaffirmed its commitment to environmental sustainability by reiterating its goal to achieve 100% carbon-neutral mining operations by the end of 2022.
The transition away from the Hardin, Montana site—scheduled for Q3 2022—is part of this broader initiative to shift toward cleaner, more reliable energy sources in Texas.
By diversifying its hosting and power arrangements beyond a single location, Marathon aims to enhance both operational resilience and environmental performance.
👉 Learn how next-gen mining operations are achieving carbon neutrality while maximizing output.
Frequently Asked Questions (FAQ)
Q: Why was Marathon’s Bitcoin production lower in May 2022?
A: Production was reduced by about 47% due to maintenance issues at the Hardin, Montana power station—specifically involving fan systems, particulate buildup, and transformer testing—combined with delays in energizing newly installed miners in Texas.
Q: How many miners does Marathon plan to deploy by early 2023?
A: Marathon expects to have all 199,000 miners installed and energized by early 2023, supporting a total hash rate capacity of approximately 23.3 EH/s.
Q: Where are Marathon’s new mining operations located?
A: The primary expansion is focused on Texas, particularly through partnerships with Compute North at a new 280 MW facility in West Texas that will eventually host up to 68,000 miners.
Q: Is Marathon still operating in Montana?
A: Yes, but the company plans to transition out of its Hardin, MT site during Q3 2022 as part of its strategy to adopt more sustainable energy sources.
Q: Has Marathon sold any Bitcoin recently?
A: No. The company has not sold any Bitcoin since October 2020 and continues to accumulate ("hodl") all mined BTC.
Q: What is Marathon’s current Bitcoin valuation?
A: As of June 1, 2022, Marathon held 9,941 BTC, valued at approximately **$315.1 million** based on a BTC price of $31,641.
Looking Ahead: Strategic Outlook
Marathon Digital Holdings remains confident in its ability to meet its performance targets despite short-term headwinds. The company benefits from:
- A strong balance sheet with $86 million in total liquidity
- A diversified pipeline of hosting and power agreements exceeding immediate needs
- A clear roadmap for scaling hash rate and achieving full carbon neutrality
While third-party network hash rate data may influence future mining yields, Marathon’s expanding infrastructure positions it well for long-term growth in the digital asset ecosystem.
👉 Explore cutting-edge tools for tracking real-time Bitcoin mining performance and market trends.
Core Keywords
Bitcoin mining, Marathon Digital Holdings, BTC production, hash rate growth, carbon-neutral mining, miner deployment, EH/s expansion, Bitcoin hodling strategy
All hyperlinks except the designated OKX anchor have been removed per instructions. The article contains three optimized call-to-action anchor texts linking to https://www.okx.com/join/8265080.