- Leading crypto mining company Marathon Digital produced 1.176 BTC last month and made progress in its joint venture in Abu Dhabi.
- Despite the disruption in Marathon Digital’s production capacity in Texas due to extreme heat in June, the company reported much better results for July.
- The executive added that Marathon Digital increased its operational hash rate by 6% monthly to 18.8 exahash and its installed hash rate reached 22.8 exahash.
Leading crypto mining company Marathon Digital announced its Bitcoin mining reports for July; the company produced 1.176 BTC.
Bitcoin Mining Company Releases July Report
Leading crypto mining company Marathon Digital produced 1.176 BTC last month and made progress in its joint venture in Abu Dhabi. This joint venture accounted for nearly 17 BTC of the total production.
The company, which generally adheres to the HODL strategy, sold 750 BTC in July. As of the end of last month, its inventory remained at 12,964 BTC, making it one of the largest institutional primary digital asset holders.
Despite the disruption in Marathon Digital’s production capacity in Texas due to extreme heat in June, the company reported much better results for July; 1.176 BTC were produced (20% more than the 979 BTC produced in June).
These figures are much more impressive than the numbers recorded last year in July when the cryptocurrency market was in worse condition than today’s conditions. Fred Thiel, the President and CEO of the company, said the following about the results:
“In July, we produced 1.176 bitcoins, which represents a 20% increase from the previous month and a 1,527% increase from July last year. The increases in our Bitcoin production are due to the increase in operational hash rate and better uptime. With these improvements, we also mined a record number of blocks this month. In July, we mined 179 blocks, whereas last month we mined 144 blocks, and in May, when high transaction fees increased our reported Bitcoin production, we mined 171 blocks.”
The executive added that Marathon Digital increased its operational hash rate by 6% monthly to 18.8 exahash and its installed hash rate reached 22.8 exahash. This progress was achieved with the operation of the facility in Ellendale, North Dakota. Thiel announced that all six buildings in the facility are fully operational.
The joint venture in Abu Dhabi, which started operating at the beginning of July, contributed 16.8 BTC to the monthly production. Marathon Digital is not among the crypto miners who regularly sell a portion of their mining revenues. However, it sold 750 BTC last month, which means it currently holds 12,964 BTC. Calculated at current prices, this stock is worth approximately $380 million.
Stock Prices Remain Stable
Despite the positive results, Marathon Digital’s stock price only increased by 0.5% on a daily basis. However, the current USD value of MARA is much higher than the figure at the beginning of 2023; the shares have increased by over 350% in the past seven months.
Other crypto miners like Riot Platforms have also experienced similar developments. RIOT is currently trading at around $17.80, which is over 430% higher than the figures observed on New Year’s Eve.
