Marathon Digital Holdings nasdaq Mara Stock Leaps with Bitcoin Mining Updates

Marathon Digital Holdings (NASDAQ: MARA) Stock Leaps with Bitcoin Mining Updates

Marathon Digital Holdings (NASDAQ: MARA) stock jumped over 7% in pre-market trading Monday following the release of its Bitcoin production and mining operation updates for April 2024.

Marathon Digital Holdings (MARA), the leading Bitcoin miner,  announced on Friday that it produced 850 bitcoins during April, marking a notable 21% year-over-year increase. However, this figure represented a slight 5% decline from the previous month. The average daily production came at 28.3 bitcoins.

Transaction fees, a key component of Marathon’s revenue stream, accounted for 16.2% of the total, reaching all-time highs around the Halving event. 

Marathon reported an average operational hash rate of 21.1 EH/s in April, with an installed hash rate of 29.9 EH/s.

In addition to its production metrics, Marathon disclosed that it sold 600 bitcoins during April while retaining a significant portion of its holdings. As of April 30, the company held 17,631 unrestricted bitcoins, consolidating its position as a major player in the Bitcoin mining space.

Furthermore, Marathon reported $145.3 million in cash and cash equivalents at the end of April, providing financial stability and flexibility for future investments and operational enhancements.

Despite the impact of the Halving event on bitcoin production, Marathon remains bullish on its growth prospects. CEO Fred Thiel emphasized the company’s commitment to accelerating its expansion plans to mitigate the effects of reduced Bitcoin rewards. Thiel highlighted the successful reactivation of capacity in Ellendale and improvements made across other sites, resulting in a 15% increase in the average operational hash rate.

Looking ahead, Thiel outlined ambitious growth targets, stating,

“We now believe it is possible for us to double the scale of Marathon’s mining operations in 2024 and achieve 50 exahash by the end of the year.”

Marathon Digital Holdings (NASDAQ: MARA) Stock Movement

At the time of this report, MARA stock is trading at $18.83, up 7.48% compared to the previous trading session.