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The prominent cryptocurrency mining firm – Marathon Digital – generated 1,176 BTC last month and made advancements at its joint venture in Abu Dhabi. This venture contributed nearly 17 BTC to the total production.
The company, which typically adheres to a HODL strategy, liquidated 750 BTC in July. Its holdings at the close of last month amounted to 12,964 BTC, positioning it among the largest corporate owners of the leading digital currency.
The July Figures
Marathon Digital, whose production capacity was affected by the extreme heat in Texas during June, reported significantly improved outcomes for July. It mined 1,176 BTC (20% more than the 979 BTC produced in June).
The results are also considerably more remarkable than those recorded in July of the previous year when the cryptocurrency market was in a less favorable state than it is today. Fred Thiel – Chairman and CEO of the company – commented on the results:
“We produced 1,176 bitcoin in July, which is a 20% increase from last month and a 1,527% increase from July of last year. The increases in our bitcoin production were due to increased operational hash rate and improved uptime.
With these improvements, we also mined a record number of blocks this month. We mined 179 blocks in July, whereas we mined 144 blocks last month and 171 blocks in May when high transaction fees boosted our reported bitcoin production.”
The executive noted that Marathon Digital enhanced its operational hash rate by 6% month-over-month to 18.8 exahashes. The installed hash rate, in contrast, reached 22.8 exahashes.
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The advancements in this area are primarily attributed to the launch of the facility in Ellendale, North Dakota, where all six buildings are now fully operational, Thiel clarified.
The joint venture in Abu Dhabi, which commenced at the beginning of July, contributed 16.8 BTC to the monthly output.
Marathon Digital is not among the cryptocurrency miners that frequently sell portions of their holdings. However, it sold 750 BTC last month, resulting in current ownership of 12,964 BTC. This stash, valued at current market prices, is nearly $380 million.
Shares Stay Flat
Despite the favorable results, the price of Marathon Digital’s shares rose by only 0.5% on a daily basis. Nevertheless, MARA’s current USD valuation is significantly higher than the figure at the beginning of 2023, with stocks increasing over 350% in the past seven months.
MARA Shares, Source: Yahoo Finance
Other cryptocurrency miners, such as Riot Platforms, have experienced similar trends. RIOT is currently trading at approximately $17.80, which is 430% higher than the values observed around New Year’s Eve.
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