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Bitcoin miner, Marathon Digital (MARA) increased its monthly production hash rate by 20%, recording an uptick in share prices amid an uncertain crypto market.
In its September Production Update, the miner produced 1,242 Bitcoin (BTC) marking a 16% growth from August and a 245% increase in the last 12 months.
The company’s total BTC holdings now stand at 13,726, a 29% increase from last year’s 10,670 BTC and a 3% in growth from August.
Fred Thiel, the CEO of Marathon Digital praised the recent postings citing an increased capacity both within and outside the United States alongside improved uptimes.
“The increase in bitcoin production from August was due to improved uptime and decreased curtailment activity in Texas. In September, our share of the bitcoin network’s available miner rewards was a record 4.3%, up from 3.7% last month and the previous record of 4.1% in July 2023.”
Improved hashrate in the United States
In the United States, the company produced 1,232 BTC in September with an average of 41 coins per day, a sharp 242% production growth from last year and a 20% rise from August.
With its hashrate at 19.1 EH/s, from 3.8 EH/s last year, the form actualized the objective of significantly improving productivity amid the bear market.
The crypto bear market has taken its toll on the mining industry leaving miners vulnerable amid declining asset prices and increased mining difficulty.
Overall, the miner’s hash rate grew by 403% in the year and 19% since August, mining a total of 8,610 BTC year-to-date and raking in 4% of the monthly miner rewards.
Thiel also highlighted global plans to increase its capacity, especially in the company’s Abu Dhabi site.
“Outside the US, our joint venture in Abu Dhabi mined 50 bitcoin in September of which approximately 10 bitcoin is our share. Construction is nearly complete at our second, larger site, and we expect the project’s full 7.0 exahashes to be online before year-end 2023.”
Steady financials amid winter
The firm now holds 13,726 with an increased combined balance of crypto assets and unrestricted cash equivalents worth $471.2 million, from $188 million last year.
Per the report, the company sold 800 BTC for its operations with an intention to sell more for corporate purposes in the future. The firm increased its financial position after improving its capacity and reducing liabilities.
Last month, they hedged 1000 BTC keeping upside potential while significantly leveraging against downsides ending the month with a balance sheet of $102 million in cash and its equivalents.
The company’s financials surged 58% over the last 12 months but slightly contracted by 9% from August but still hailed as a strong month with a sharp increase in mining capacity.
At press time, MARA trades at $7.54, notching a 3.29% growth.
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cryptonews.com
