Here’s the amount of BTC that one of the largest Bitcoin miners sold in July.
Marathon Digital Reports Strong Bitcoin Production for July
Marathon Digital, the leading cryptocurrency mining company, announced that it produced 1,176 BTC in July, marking a 20% increase from the previous month’s production. The company’s joint venture in Abu Dhabi contributed almost 17 BTC to the total production. This positive performance comes after the company faced challenges in June due to extreme weather conditions in Texas.
Impressive Growth Compared to Last Year
The July figures demonstrate significant progress for Marathon Digital compared to the same period last year. In July 2022, when the cryptocurrency market was struggling, the company produced only a fraction of the BTC it mined this year. Fred Thiel, Chairman and CEO of Marathon Digital, attributed the growth to increased operational hash rate and improved uptime.
Marathon Digital also reported a record number of blocks mined in July, with a total of 179 blocks. The company’s operational hash rate increased by 6% to 18.8 exahashes, while the installed hash rate reached 22.8 exahashes.
Contributions from New Facilities and Joint Venture
The launch of Marathon Digital’s facility in Ellendale, North Dakota, played a significant role in the company’s increased production. The facility’s six buildings are now fully operational. Additionally, the joint venture in Abu Dhabi, which started in July, contributed 16.8 BTC to the monthly production.
Marathon Digital’s Bitcoin Holdings and Stock Performance
Despite selling 750 BTC in July, Marathon Digital remains one of the largest corporate holders of Bitcoin, with a stash of 12,964 BTC. At current prices, the company’s holdings are worth nearly $380 million.
Although the positive results were announced, the price of Marathon Digital’s shares only saw a marginal increase of 0.5% on a daily basis. However, the company’s stocks have experienced significant growth, climbing over 350% in the past seven months.
Similar Developments in the Crypto Mining Industry
Other crypto miners, such as Riot Platforms, have also witnessed similar growth in their stock prices. Riot Platforms’ shares have surged by approximately 430% since the beginning of the year.
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