Marathon Digital Holdings Announces Mining Over 1,853 Bitcoin
Marathon Digital Holdings (MARA) stock experienced a surge of over 12% after the company revealed that it had mined more than 1,853 Bitcoin. This increase in mining capacity is in preparation for the upcoming Bitcoin halvings.
Marathon Digital Sold 38% of BTC Mined in December
In December, Marathon Digital mined a record-breaking 1,853 Bitcoins. However, the company sold 704 BTC, which accounts for 38% of its monthly production. The sales were necessary to cover operational expenses.
Miners’ Net Position Continues to Decline
The mining industry as a whole has seen a decline in net position since November, coinciding with Bitcoin’s rally in the last quarter of 2023.
Marathon Digital Holds 15,174 Bitcoin
Despite selling a portion of its mined Bitcoin, Marathon Digital still holds a significant amount. As of December 31, 2023, the company possesses 15,174 Bitcoin.
Marathon Digital Stock Price Rises
Following the announcement, MARA stock closed at $26.88 on Thursday, marking a more than 12% increase from the previous day’s closing price. In pre-market trading on Friday, the stock is valued at $25.52.
Hot Take: Marathon Digital Sees Record-Breaking Mining Success
Marathon Digital Holdings achieved a remarkable feat by mining over 1,853 Bitcoin in December. The company’s proactive approach to increasing mining capacity positions it well for future halvings and potential market growth. Despite selling some of its mined Bitcoin, Marathon Digital still holds a substantial amount. This success is reflected in the surge of MARA stock prices. It will be interesting to see how Marathon Digital continues to navigate the evolving cryptocurrency landscape.
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