The leading cryptocurrency mining company – Marathon Digital – produced 1,176 BTC last month and saw progress at its joint venture in Abu Dhabi. The latter accounted for almost 17 BTC for the entire production.
The company, which usually sticks to a HODL strategy, sold 750 BTC in July. Its stash as of the end of last month stood at 12,964 BTC, making it one of the largest corporate holders of the primary digital asset.
Marathon Digital, whose production capability was hampered due to the extremely hot weather in Texas in June, reported significantly better results for July. It mined 1,176 BTC (20% more than the 979 BTC produced in June).
The figures are also much more impressive than those recorded in July last year when the cryptocurrency market was in a worse condition than its nowadays status. Commenting on the results was Fred Thiel – Chairman and CEO of the company:
“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 exec added that Marathon Digital boosted its operational hash rate by 6% month-over-month to 18.8 exahashes. The installed hash rate, on the other hand, reached 22.8 exahashes.
The progress in that field is mainly due to the launch of the facility in Ellendale, North Dakota, whose six buildings are fully operational, Thiel explained.
The joint venture in Abu Dhabi that went live at the beginning of July contributed to the monthly production with 16.8 BTC.
Marathon Digital is not among the crypto miners who sell some of their holdings on a regular basis. However, it parted with 750 BTC last month, meaning it currently owns 12,964 BTC. Its stash, calculated at current prices, is worth almost $380 million.
Despite the positive results, the price of Marathon Digital’s shares increased by a mere 0.5% on a daily basis. Still, MARA’s current USD valuation is much higher than the figure at the start of 2023, with stocks climbing over 350% in the past seven months.
Other crypto miners like Riot Platforms have also witnessed similar developments. RIOT currently trades at approximately $17.80, 430% more than the numbers observed around New Year’s Eve.
