- Marathon reports a sequential increase of 45% in its monthly BTC production.
- Last month, 1,500 bitcoin were also sold by the digital asset technology company.
- Wall Street is pleased with Marathon stock, which averages just $12
Marathon Digital Holdings Inc shares have fallen nearly 15% since the mining company stated that it didn’t mint as many bitcoins last month than it sold.
What number of BTC was it able to sell in the last month?
Marathon sold 1,500 bitcoin in total in January, despite a steady rise in BTC prices to help fund its operations.
The flip side is that it mined a record 687 BTC in the last month, which represents a staggering 45% sequential increase. Its monthly production and mining updateManagement wrote:
Improvements in our operational efficiency, along with proactive measures we’ve taken to strengthen our balance sheet, have placed Marathon in strong position to achieve growth and operational targets in 2023.
Since the beginning of the year, Marathon stock has more than doubled. Wall Street continues to maintain its consensus overweight rating. “MARA” He sees potential upside to it at just under $12 per share.
Marathon Digital will continue to sell BTC
Marathon Digital Holdings Inc will continue to increase its production and liquidate any remaining BTC holdings in order to pay operational costs. The press release added:
We remain confident that Marathon can be scaled up to become one the largest and most efficient bitcoin mining operations worldwide by installing 23 exahashes near the mid 2023.
Marathon Digital reports that the company increased its unrestricted cash as well as unrestricted BTC holdings by $133.8 million last month and 8,090 Bitcoin, respectively.
Marathon will soon report its Q4 results. It is expected to lose 19 cents per share this quarter, compared to 36 cents last year. BlackRock was last week confirmed Marathon Digital now has 8.62 Million shares, representing 7.4% of the digital asset tech company.