Marathon Digital Bitcoin Production Falls 3% In August, Hash Rate Rises 11%: What's Going On?

Marathon Digital Holdings Inc MARA shares are bouncing around in early trading. The company on Wednesday announced a Bitcoin BTC/USD production and mining operations update.

What Happened: Marathon Digital mined 673 Bitcoin in August, down 3% from July. The company’s total Bitcoin holdings were 25,945 at the end of the month after opting not to sell any Bitcoin during the period.

Marathon said its energized hash rate increased 11% month-over-month to 35.2 EH/s in August. The company also highlighted that it mined its 4,000th block last month.

Marathon said it remains on track to reach its target of 50 EH/s by the end of 2024. The Bitcoin miner noted that it plans to continue to invest in its mining operations and grow its business by utilizing “every available resource and strategy.”

See Also: Qatar Unveils Crypto Rules As Middle East Embraces Digital Assets

“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,” said Fred Thiel, chairman and CEO of Marathon Digital.

“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.”

MARA Price Action: Marathon Digital shares are volatile on Wednesday. The stock was down 0.39% at $15.21 at the time of publication, according to Benzinga Pro.

Photo: Gaston Cerliani from Shutterstock.

Read Next:

• Bitcoin Mining Revenue Tanks To An 11-Month Low In August, Industry Bellwether Marathon Digital Shares Sank Over 13% In The Month