MARA Stock (NASDAQ:MARA)
In September, Marathon Digital (NASDAQ:MARA) mined 360 bitcoins (BTC-USD), increasing over August’s total of 184. This increase came as the firm successfully migrated out of its data center in Hardin, Montana, and began growing operations at other facilities, as the company said on Thursday. As a result, MARA stock surged.
Fred Thiel, CEO, and Chairman of Marathon Digital (NASDAQ:MARA), said that the company’s withdrawal from its Hardin site (after it lost power from a storm in June) and scaling up operations at its King Mountain wind farm in Texas, in addition to other new locations, has resulted in around 19,000 more miners coming online over the next thirty days. This results in an increase of around 2.0 exahashes per second in the capacity of the mining operation.
Its operative mining fleet comprised around 57 thousand active miners as of October 5, generating approximately 5.7 EH/s, after the activation of approximately 19 thousand more miners after the conclusion of the third quarter.
As of September 30, the total number of Bitcoin (BTC-USD) holdings was 10,670, with a fair market value of around $207.3M.
In addition, on September 22, Compute North, one of Marathon Digital’s (NASDAQ:MARA) hosting partners, filed its bankruptcy petition under Chapter 11 of the United States Bankruptcy Code. According to Thiel, this will not have an effect on MARA stock’s ability to meet its aim of 23 exahashes by the year 2023.
“Although we hope that operations will go as we had originally envisaged, the flexibility afforded by our asset-light business model allows us to move our miners to other places if this becomes necessary,” he said.
SA contributor Mike Fay gave MARA stock a Sell rating because the company has a significant amount of debt and produces less than its competitors in the mining industry.
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