Marathon Digital Holdings Inc. (MARA) shares are experiencing volatility in early trading following the company’s announcement of its August Bitcoin production and mining operations update.
During August, Marathon Digital mined 673 Bitcoin, marking a 3% decrease from July’s production. Despite the slight dip, the company’s total Bitcoin holdings reached 25,945 at the end of the month, as they opted to refrain from selling any Bitcoin during the period.
The company saw a significant increase in its energized hash rate, rising 11% month-over-month to 35.2 EH/s in August. Notably, Marathon achieved a milestone by mining its 4,000th block last month.
Marathon remains optimistic about its future growth and reiterated its commitment to reaching its target of 50 EH/s by the end of 2024. The company plans to continue investing in its mining operations and expand its business by strategically utilizing all available resources.
Fred Thiel, chairman and CEO of Marathon Digital, expressed the company’s ongoing efforts in its Granbury, Texas data center, stating, “During the month, we energized almost 18 immersion containers in Granbury, Texas. We are converting a large portion of our Granbury data center from air cooled to MARA’s immersion containers, with plans to transition at least another 30 in September. This work is expected to be completed before year end.”
Thiel further emphasized the company’s focus on cost efficiency: “We currently own and operate approximately 54% of the 1.1 gigawatts of power in our diversified portfolio of energy technology solutions. As we continue to increase the share of owned and operated sites in our fleet, we anticipate continuing to achieve cost savings on a per petahash basis. Our long-term goal is to position MARA as one of the industry’s most cost-efficient operators.”
Despite the recent market volatility, Marathon Digital remains confident in its strategy and its ability to capitalize on the growth potential within the cryptocurrency sector.