The leading cryptocurrency mining company, Marathon Digital, had an impressive month in July, producing 1,176 BTC. This marked a 20% increase from the previous month and a staggering 1,527% increase compared to July of last year. The company’s joint venture in Abu Dhabi contributed almost 17 BTC to its production. Despite typically following a HODL strategy, Marathon Digital sold 750 BTC in July, bringing its total stash to 12,964 BTC.
The improved results in July can be attributed to increased operational hash rate and improved uptime. Marathon Digital mined a record number of blocks, with 179 blocks mined in July compared to 144 blocks in the previous month. The company also saw a 6% month-over-month increase in operational hash rate, reaching 18.8 exahashes. The installed hash rate reached 22.8 exahashes.
Marathon Digital’s progress can be attributed to the launch of its facility in Ellendale, North Dakota. The fully operational facility, consisting of six buildings, contributed to the company’s increased production. Additionally, the joint venture in Abu Dhabi, which went live in July, added 16.8 BTC to Marathon Digital’s monthly production.
Despite the positive results, the price of Marathon Digital’s shares only increased by 0.5% on a daily basis. However, the company’s current USD valuation is significantly higher than at the start of the year, with stocks climbing over 350% in the past seven months.
Other crypto miners, such as Riot Platforms, have also experienced similar developments. RIOT, for example, currently trades at approximately $17.80, a 430% increase compared to the numbers observed at the beginning of the year.
Marathon Digital’s success in July showcases the company’s ability to adapt and thrive in the cryptocurrency mining industry. With its impressive production figures and growing valuation, Marathon Digital remains one of the largest corporate holders of BTC in the market.