Marathon Digital stocks hit 6-year high as the company holds $ 460 million in bitcoin

US-based crypto mining company Marathon Digital Holdings owns more than $ 460 million worth of Bitcoin as of last year, mostly through mining and purchases.

According to a November 2nd report The mining company said it had “HODLing” all of the bitcoin (BTC) generated from its mining operation, around 2,640 BTC, since its last sale in October 2020. Additionally, Marathon Digital bought more than 4,812 BTC in January when the price of the crypto asset was below $ 35,000. At press time, the price of BTC is $ 62,056, which equates to approximately $ 462 million in the mining company’s 7,453 BTC holdings.

The company has continued to expand its mining activities despite global supply chain issues affecting sales of cryptocurrency mining rigs.. Marathon Digital reported that it had leased aircraft for some of the 42,381 ASIC miners it currently owns, allowing the company to produce more than 417 BTC in October. The majority of the miners are currently deployed at the Company’s Montana facility, while 12,331 rigs are deployed at a Compute North facility in Texas.

Marathon Digital stocks hit 6-year high as the company holds $ 460 million in bitcoin
Marathon Digital stocks hit 6-year high as the company holds $ 460 million in bitcoin

Shares of Marathon Digital Holdings under the symbol MARA also rose to more than $ 63 today, hitting highs not seen since May 2015. Since then, the crypto-mining company’s shares have fallen to $ 61.36 in circulation.

Source: TradingView

The mining company announced in May that, despite plans to scale up, it plans to achieve 70% carbon neutrality for its operations by deploying more than 90,000 previously purchased miners.. According to Marathon Digital, the fleet of 133,000 miners is expected to produce a hash rate of around 13.3 EH / s by 2023.

Similar Posts