Marathon Digital Holdings Announces Bitcoin Production And Mining Operation Updates For August 2023; Produced 1,072 BTC In August 2023 And 7,368 BTC Year-To-Date; Combined Unrestricted Cash And Bitcoin Was $445M As Of August 31, 2023
Portfolio Pulse from Happy Mohamed
Marathon Digital Holdings (NASDAQ:MARA) has announced its Bitcoin production and mining operation updates for August 2023. The company produced 1,072 BTC in August, a 9% decrease from July, but a fivefold increase from August 2022. The decrease was due to increased curtailment activity in Texas due to high temperatures. The company's combined unrestricted cash and Bitcoin was $445 million as of August 31, 2023. Marathon also secured miners for an additional 5 EH/s hash rate.
September 05, 2023 | 2:18 pm
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Marathon Digital Holdings reported a decrease in Bitcoin production in August 2023 due to high temperatures in Texas. However, the company's combined unrestricted cash and Bitcoin was $445 million, and it secured miners for an additional 5 EH/s hash rate.
The decrease in Bitcoin production could potentially impact Marathon's short-term earnings. However, the company's strong financial position, indicated by its combined unrestricted cash and Bitcoin, and its securing of additional miners could offset this impact. Therefore, the short-term impact on the company's stock price is neutral.
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