Marathon Digital stock soars after company ramps up BTC mining in Q1

Shares of Marathon Digital Holdings (MARA) rose Monday after the crypto-currency company announced a significant increase in its mining capacity in the first quarter, allowing it to significantly increase its holdings of bitcoin (BTC).

MARA shares rose 15.8% and closed at $56.56, a new high. Crypto stocks were up 17.1% earlier.

Marathon Digital’s stock price closes at a new all-time high. Chart via TradingView

By comparison : The technology-heavy Nasdaq Composite Index rose 1.7 percent Monday. Meanwhile, the Bitwise 10 Crypto Index Fund was up 1.9%.

At its current value, Marathon Digital has a total market capitalization of $5.6 billion.

The company reported a net loss for the three months ended December 31. March ended with marathon production of 196 BTC, bringing total assets to 5,134.2 BTC, the company said Monday. At the current exchange rate, Marathon’s bitcoin holdings are worth nearly $302 million.

In addition to mining the digital asset, Marathon acquired 4,812.66 BTC in January at an average price of $3,1168.

The company increased production in the first quarter after hiring 10,300 S-19 Pro ASIC miners from Bitmain. The Marathon mining fleet currently consists of 5,800 miners who collectively produce 0.71 EH/s in the hash package.

At the end of the first quarter, there was $212 million in cash. Total liquidity, defined as cash and BTC assets, was approximately $513.9 million.

As recently reported by Cointelegraph, Marathon plans to launch its full hash energy on the 1st. May in its new compliant mining pool. The mining pool was established to comply with all U.S. anti-money laundering and other regulatory guidelines issued by the Office of Foreign Assets Control.

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