Marathon Digital Energized 25,000 Miners (c. 2.5 EH/s) in August
- Based on their latest reports, Marathon Digital expects to have approximately 65,000 additional miners in the next three months.
- Notably, the company has a target of attaining 23 exahashes per second of capacity by mid-next year.
- Having produced 184 units of Bitcoin last month, the company reported a total of 2,222 BTC from January through August, an increase of 26 percent YoY.
Marathon Digital Holdings Inc (NASDAQ: MARA), a North American cryptocurrency mining company, has announced its Bitcoin production and digital asset mining for August 2022. After reporting a net loss of $191.6 million, or $1.75 per share, during the second quarter of 2022, the company is committed to expanding its mining operations to further widen its revenue collection.
In August, the company continued to install and energize miners with hosting providers.
Fred Thiel, Marathon’s chairman, and CEO said, “During the month, approximately 25,000 of our previously installed miners were successfully energized, increasing our hash rate back to approximately 3.2 exahashes per second with our operating mining fleet consisting of approximately 34,000 miners as of August 31. As a result, we produced 184 BTC in August.”
Despite the continued shrinking of the global cryptocurrency market, the North American mining company is leading g other institutional investors in injecting funds into the industry.
Based on their latest reports, Marathon Digital expects to have approximately 65,000 additional miners in the next three months. The additional cryptocurrency miners will reciprocate to an additional 6.9 exahashes per second.
Marathon Digital Recent Highlights
Having produced 184 units of Bitcoin last month, the company reported a total of 2,222 BTC from January through August, an increase of 26 percent YoY.
According to the August report, the company benefited from a downward market price adjustment for the S19 XPs, which are expected to ship in September.
Reportedly, the total Bitcoin holdings by Marathon Digital increased to 10,311 BTC with a fair market value of $206.7 million as of August 31, 2022. Notably, the unrestricted Bitcoin holdings were approximately 6,483 BTC with a fair market value of approximately $130.0 million as of August 31.
The company reported that its unrestricted cash on hand was approximately $71.4 million as of August 31, 2022.
Previously, the company said it is on-track to deploying 133,000 miners, which are expected to generate approximately 13.3 Exahash by mid 2022. Forward, the company has a target of attaining 23 exahashes per second of capacity by mid next year.
The North American crypto mining company has a market capitalization of approximately $1.33 billion. According to market data provided by MarketWatch, MARA shares are down approximately 70 percent in the past year.
The high volatility coincides with the cryptocurrency shrinking market, since the company is significantly exposed to Bitcoin in its balance sheet.
Having been rated seven times in the recent past, MARA shares received an average recommendation of Overweight and an average target price of $20.14. As of publication time, the company’s stock market exchanged hands around $11.07, down 32 percent in the past month.