Marathon Digital (MARA)

May 8, 2023Trade Ideas

If Bitcoin can continue to push higher, mining stocks, like Marathon Digital (MARA) could push higher, too. After all, stronger BTC means stronger revenues for miners.  Helping, the company produced another 702 BTC in April and 2,896 BTC year to date. 

“In April, we increased our operational hash rate to 14.0 exahashes, achieving 61% of our 23 exahashes goal, and we increased our installed hash rate to 17.9 exahashes, reaching 78% of the same goal,” said Fred Thiel Marathon’s chairman and CEO. 

“We produced 702 bitcoin in April, which is a 134% increase year-over-year, but a decrease from the prior month due to upward adjustments in the network’s difficulty rate and to a lesser extent, curtailment activity, April having one less day than March, and the impact of the ‘luck factor.’ . In addition to increasing our hash rate, we also witnessed our first domestic deployment of immersion mining come online in Jamestown, ND. This immersion deployment is representative of our broader strategy to utilize technological innovations to optimize the performance of our miners and improve the efficiency of our operations.”

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