Marathon Digital’s stock hits a 6-year high as the company’s Bitcoin HODLs were valued at $460 million – News Couple
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Marathon Digital’s stock hits a 6-year high as the company’s Bitcoin HODLs were valued at $460 million


US-based cryptocurrency miner Marathon Digital Holdings has owned more than $460 million worth of bitcoin primarily from mining and purchases since last year.

According to a November 2 report, the miner said that it has accumulated all the Bitcoin (BTC) generated by its mining operations – approximately 2,640 BTC – since its last sale in October 2020. In addition, Marathon Digital bought more than 4,812 BTC in January when the price was The cryptocurrency is under $35,000. At press time, the price of BTC is $62,056, giving the miner’s holdings of 7,453 BTC nearly $462 million.

The company has continued to ramp up its mining operations despite global supply chain issues affecting the distribution of crypto mining rigs. Marathon Digital reports that it has leased aircraft to some of the 42,381 ASIC miners it currently holds, allowing the company to produce more than 417 BTC in October. The majority of miners are currently employed at the company’s facility in Montana, while 12,331 rigs are awaiting deployment at the Compute North facility in Texas.

Shares of Marathon Digital Holdings, under the MARA index, also rose to over $63 today, hitting the highest levels not seen since May 2015. Since then, crypto mining stocks have fallen to $61.36 at press time.

Source: TradingView

Related: Blacklist: Marathon Mining Only “Completely Compatible” Bitcoin Transactions

The miner announced in May that it plans to achieve 70% carbon neutrality for its operations despite expansion plans with the deployment of more than 90,000 previously purchased miners. According to Marathon Digital, it expects the fleet of 133,000 miners to produce a hash rate of about 13.3 EH/s by 2023.