Benzinga - Marathon Digital Holdings Inc (NASDAQ: MARA) shares are trading higher Thursday. The company provided a Bitcoin (CRYPTO: BTC) production and mining update for June.
What Happened: Marathon Digital released an unaudited bitcoin production and miner installation update showing the company produced 979 bitcoin in June, bringing total bitcoin production up to 5,120 year-to-date.
Marathon Digital's bitcoin production was down 21% from May, but up 599% year-over-year. The month-over-month decrease was due to weather-related issues and a decline in transaction fees.
"We are also excited to announce that our new joint venture in Abu Dhabi began hashing earlier this week as the first containers in our Mina Zayed facility powered up," said Fred Thiel, chairman and CEO of Marathon Digital.
"Our UAE partners at Zero Two have quickly brought our combined vision to reality, and we continue to expect the full 7.0 exahashes to be online before year end 2023."
Marathon Digital also said it energized 18,500 Bitcoin miners in June, bringing the company's operating fleet of miners to approximately 149,900. The company noted that it increased its operational hash rate by 16% to 17.7 EH/s and its installed hash rate by 8% to 21.8 EH/s last month.
Related Link: Marathon Digital's June Bitcoin Production Jumps 599% Y/Y, JV in Abu Dhabi Begins Mining Operations
Marathon Digital sold 700 bitcoin in June and ended the month with $113.7 million in cash and equivalents. As of July 1, the company holds a total of 12,538 bitcoin.
MARA Price Action: Marathon Digital shares were up 1.93% at $15.86 at the time of writing, according to Benzinga Pro.
Photo: Eivind Pedersen from Pixabay.
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