Bitcoin miner, Marathon Digital (MARA) has experienced a significant boost in its monthly production hash rate, resulting in an increase in share prices. The company’s September Production Update revealed that it produced 1,242 Bitcoin (BTC), marking a 16% growth from August and an impressive 245% increase over the past 12 months.
Steady Growth and Increased Holdings
Marathon Digital’s total BTC holdings now stand at 13,726, which represents a 29% increase compared to last year’s 10,670 BTC. Additionally, the company saw a 3% growth from August in terms of its BTC holdings.
Fred Thiel, the CEO of Marathon Digital, commended the recent accomplishments, highlighting the company’s increased capacity both in the United States and globally, as well as improved uptimes. He stated, “
With an average of 41 coins per day, we produced 1,232 BTC in September, which is a remarkable 242% increase from last year and a 20% rise from August.”
Furthermore, Marathon Digital’s hashrate has reached 19.1 EH/s, a significant achievement considering it was only at 3.8 EH/s last year. This accomplishment demonstrates the company’s commitment to enhancing productivity even during the bear market.
Challenges and Future Plans
Like many other miners, Marathon Digital has faced challenges within the mining industry due to declining asset prices and increased mining difficulty brought about by the crypto bear market. However, the company has managed to navigate these obstacles and has achieved significant growth in its hash rate. Overall, the miner’s hash rate has grown by 403% in the past year and 19% since August. This year, Marathon Digital has mined a total of 8,610 BTC, earning 4% of the monthly miner rewards.
In addition to its accomplishments, Marathon Digital has plans for expansion and increasing its capacity on a global scale. This includes a focus on its Abu Dhabi site. The company currently holds a combined balance of crypto assets and unrestricted cash equivalents worth $471.2 million, a substantial increase from $188 million last year.
The report also highlighted Marathon Digital’s decision to sell 800 BTC for its operations, with intentions to sell more for corporate purposes in the future. The company’s financial position has improved as a result of enhancing its capacity and reducing liabilities.
In terms of financial performance, Marathon Digital’s numbers have surged by 58% over the last 12 months. Although there was a slight contraction of 9% from August, the company still considers it a strong month with a significant increase in mining capacity.
As of now, MARA trades at $7.54, reflecting a 3.29% growth.
