In the midst of an unpredictable cryptocurrency market, Bitcoin miner Marathon Digital (MARA) boosted its monthly production hash rate by 20% – this development has marked a rise in share prices. According to its September Production Update, 1,242 Bitcoin (BTC) were produced by the miner, which equates to a growth of 16% from August and an impressive 245% increase over the last 12 months. This has led to the company’s total BTC holding standing at 13,726 – a growth of 3% from August, and a considerable 29% from the previous year.
Marathon Digital’s CEO, Fred Thiel, commended these latest results, attributing this success to enhanced capacity both domestically and internationally and to remarkable uptimes. In his statement, he explained that the rise in Bitcoin production was primarily due to improved uptime and reduced curtailment activity in Texas. On that note, he revealed that their share of available miner rewards from the Bitcoin network had increased by a record 4.3% up from 3.7% in the previous month.
Focusing on mining operations in the United States, the company has reported a steep 242% production growth from last year and a 20% rise from August with 1,232 BTC mined in September alone. Indeed, Marathon Digital has substantially improved its productivity, with its hashrate now at 19.1 EH/s, up from 3.8 EH/s last year, despite the daunting challenges posed by the prevailing bear market.
Thiel made it a point to mention their ambitious global expansion plans, especially focusing on their Abu Dhabi base. Here, they aim to enhance their capacity and expect the project’s complete 7.0 exahashes to be online before the end of 2023.
Despite the crypto winter, Marathon Digital’s stable financial position remains noteworthy. Its combined balance of crypto assets and unrestricted cash equivalents now amounts to $471.2 million, more than double the sum of $188 million last year. It has also been discussed that the company’s financials rose by 58% over the last 12 months but slightly shrunk by 9% from August, yet given the significant increase in mining capacity, this is still viewed as a strong month.
In conclusion, Marathon Digital epitomizes the resilience and resourcefulness shown by leading Bitcoin miners in navigating the rough waters of the present crypto market. This scenario provides an intriguing prospect for investors who have their eyes on the Bitcoin mining industry. As of the latest update, MARA trades at $7.54, signaling a 3.29% growth in share price.
Source: Cryptonews
