Marathon Digital stock reaches 6-year high as company HODLs $460M Bitcoin
U.S.-based crypto mining company Marathon Digital Holdings holds more than $460 million in Bitcoin mainly from mining and purchases since last year.
According to a Nov. 2 report, the mining firm said it had been HODLing all Bitcoin (BTC) generated from its mining operations — roughly 2,640 BTC — since its last sale in October 2020. In addition, Marathon Digital purchased more than 4,812 BTC in January when the price of the crypto asset was under $35,000. At the time of publication, the BTC price is $62,056, giving the mining firm’s 7,453 BTC holdings a value of roughly $462 million.
The company has continued to ramp up its mining operations despite global supply chain issues affecting the distribution of crypto mining rigs. Marathon Digital reported it had chartered planes for some of the 42,381 ASIC miners currently in its possession, allowing the firm to produce more than 417 BTC in October. The majority of the miners are currently being used at the firm’s facility in Montana, while 12,331 rigs are pending deployment at a Compute North facility in Texas.
Shares of Marathon Digital Holdings, under the ticker MARA, also surged to more than $63 today, marking highs not seen since May 2015. The crypto mining stock has since fallen to $61.36 at the time of publication.
The mining firm announced in May it plans to achieve 70% carbon neutrality for its operations despite plans to scale up with the deployment of more than 90,000 previously purchased miners. According to Marathon Digital, it expects the fleet of 133,000 miners to produce a hash rate of roughly 13.3 EH/s by 2023.