Marathon Digital stock reaches 6-year high as company HODLs $460M Bitcoin

Marathon Digital Holdings, a crypto mining company based in the United States, has more than $460 Million in Bitcoin (BTC) mainly through mining and purchases made since last year.

According to a Tuesday report the mining company stated that it had been hoarding Bitcoin generated by its mining operations — approximately 2,640 BTC — since October 2020. Marathon Digital also purchased more than 4,812 BTC during January, when the price for the crypto asset was below $35,000. The BTC price at the time of publication is $62,056. This gives Marathon Digital’s 7,453 BTC holdings an approximate value of $462 million.

Despite global supply chain problems affecting distribution of crypto mining equipment, the company has continued to increase its mining operations. Marathon Digital reported that it had chartered planes to transport some of the 42.381 ASIC miners in its possession. This allowed the company to produce more than 417 BTC by October. While the majority of miners are being used at the company’s Montana facility, 12,331 rigs will be deployed at Compute North in Texas.

Marathon Digital Holdings shares rose to $63 on Nov. 3 under the ticker MARA. This is a record high not seen since May 2015. Since then, the crypto mining stock has fallen to $61.36 at time of publication.

Source: TradingView

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In May, the mining company announced that it would achieve carbon neutrality of 70% for its operations. This is despite plans to increase scale with the deployments of more than 90,000. Marathon Digital claims that the 133,000-strong fleet of miners will produce an average of 13.3 EH/s by 2023.