Marathon Digital Shares Soars to 6-Month High Drawing on Sustained BTC Mining Operations
The shares of Nasdaq-listed American blockchain mining firm, Marathon Digital have printed its highest price record in 6 months as the firm unveiled its Bitcoin mining performance for October.
According to the company, a total of 417.7 self-mined bitcoins during October 2021, and coupled with its purchased BTC, pushed its total Bitcoin holdings to 7,453.
Drawing on its impressive third quarter, the firm in its report, highlighted the challenges inherent in the global supply chain as related to the delivery of its purchased miners. To resolve this challenge, Marathon Digital reported that it arranges chartered planes in order “to mitigate the impact of global logistics issues and to ensure that shipments of new miners occur in a timely manner.”
“In October, we increased our bitcoin production by 23% month-over-month to 417.7 BTC and increased our total bitcoin holdings to approximately 7,453 BTC,” said Fred Thiel, Marathon’s CEO.
Since it last sold some of its Bitcoins back in October, the company said it is now HODLing its Bitcoins which include the 4,812.66 BTC the Company purchased in January 2021 for an average price of $31,168 per BTC. According to the update shared by the firm, it hopes to ramp up this Bitcoin production with new shipments which it says will be 133,000 in total at its peak. These miners are estimated to provide a mining hashrate of approximately 13.3 EH/s, while the firm will try to surmount other challenges it experiences in its mining operations.
“As in prior months, our bitcoin production was impacted by maintenance-related outages at the power plant in Hardin, MT, and increases in the total network hash rate. However, with shipments of our previously purchased miners accelerating over the coming months, we continue to expect our bitcoin production to become more consistent as we scale,” Thiel added.
With its Bitcoin holdings worth more than $457.4 million, MARA shares responded in tight correlation with BTC price growth, topping $64.88 in After-Hours Trading on Wednesday.
Image source: Shutterstock