Marathon Digital reports a decrease of 9% in BTC production.
The average number of BTC produced per day amounted to 34.3.
The decline
in Bitcoin (BTC) prices in August and record-high temperatures in many parts of
the world have led publicly traded cryptocurrency miners to consider the past
month unsuccessful. One such company is Marathon Digital Holdings (NASDAQ:
MARA), which recently released its unaudited operational updates for August
2023. The report revealed a drop of 9% in Bitcoin production compared to the
previous month, mainly due to temporary shutdowns of mining operations in red-hot
Texas.
Marathon Digital Presents
a Mixed Bag of Results for August 2023
Marathon
produced 1,072 Bitcoin in August, marking a decrease of 9% from July. According to
Fred Thiel, Marathon's Chairman and CEO, the decline was mainly due to
"increased curtailment activity in Texas due to record high
temperatures." These temporary setbacks overshadowed the company's efforts
to boost its operational hash rate.
However,
there is a significant increase in crypto mining compared to last year, partly due to
the greater amount of available computing power. In August 2022, the company's
average daily production was 5.9 BTC, and it has since increased 477% to
34.3 BTC per day.
The company
reported an increase of 2% month-over-month in its US operational hash rate, now at
19.1 exahashes. This growth is primarily attributed to replacing older BITMAIN
S19 J Pro miners with more efficient S19 XPs mining rigs. Marathon is also
awaiting the completion of paperwork for its new facility in Garden City,
Texas, which is expected to enhance its operational capabilities further.
"During
August, we reached our primary domestic growth target of 23 exahashes on an
installed basis, Thiel commented. "As we look to our next growth target, I
am pleased to announce that we have secured miners in the ordinary course of
business for the next 5 exahashes of hash rate growth."
Marathon's
joint venture in Abu Dhabi, initiated in July, produced 50 Bitcoin in August,
of which approximately 10 Bitcoin is Marathon's share. The operational hash
rate for this venture has reached 1.5 exahashes, with plans to scale up to 7.0
exahashes by the end of the year.
As of 31
August 2023, Marathon holds a total of 13,286 BTC, with 13,111 being
unrestricted. The company ended the month with $111.2 million in cash and cash
equivalents. The combined balance of unrestricted cash and Bitcoin increased to
$445.5 million, compared to $201.5 million during the same period last year.
Five major
cryptocurrency mining firms, including Marathon Digital, experienced a
collective loss of $2.8 billion following a recent plunge in Bitcoin and the
overall crypto market. Data from AltIndex reveals that the market
capitalization of these publicly traded mining companies shrank 30% in a
single month, plummeting from $9.5 billion to $6.7 billion. Concurrently, the
monthly revenue generated from mining activities reached new lows.
Key
industry players like Riot Platform and Marathon Digital Holdings were among
the hardest hit, with their market capitalizations declining $1.1 billion
(31%) and $800 million (25%), respectively. Other companies like Canaan, Hut 8
Mining, and Cipher Mining Technologies also suffered significant market share
losses.
Glassnode's
recent data adds to the grim outlook, indicating that miners' revenues have
dipped to a monthly low of nearly $170 million. This downturn echoes a similar
event in 2022 that slashed their total revenue $6 billion.
Despite the
industry's poor health, Marathon Digital's stock has surged 250% this year.
However, this upward trend stopped in July at around $20, and since then, the
stock price has declined approximately 40% to about $12.
The decline
in Bitcoin (BTC) prices in August and record-high temperatures in many parts of
the world have led publicly traded cryptocurrency miners to consider the past
month unsuccessful. One such company is Marathon Digital Holdings (NASDAQ:
MARA), which recently released its unaudited operational updates for August
2023. The report revealed a drop of 9% in Bitcoin production compared to the
previous month, mainly due to temporary shutdowns of mining operations in red-hot
Texas.
Marathon Digital Presents
a Mixed Bag of Results for August 2023
Marathon
produced 1,072 Bitcoin in August, marking a decrease of 9% from July. According to
Fred Thiel, Marathon's Chairman and CEO, the decline was mainly due to
"increased curtailment activity in Texas due to record high
temperatures." These temporary setbacks overshadowed the company's efforts
to boost its operational hash rate.
However,
there is a significant increase in crypto mining compared to last year, partly due to
the greater amount of available computing power. In August 2022, the company's
average daily production was 5.9 BTC, and it has since increased 477% to
34.3 BTC per day.
The company
reported an increase of 2% month-over-month in its US operational hash rate, now at
19.1 exahashes. This growth is primarily attributed to replacing older BITMAIN
S19 J Pro miners with more efficient S19 XPs mining rigs. Marathon is also
awaiting the completion of paperwork for its new facility in Garden City,
Texas, which is expected to enhance its operational capabilities further.
"During
August, we reached our primary domestic growth target of 23 exahashes on an
installed basis, Thiel commented. "As we look to our next growth target, I
am pleased to announce that we have secured miners in the ordinary course of
business for the next 5 exahashes of hash rate growth."
Marathon's
joint venture in Abu Dhabi, initiated in July, produced 50 Bitcoin in August,
of which approximately 10 Bitcoin is Marathon's share. The operational hash
rate for this venture has reached 1.5 exahashes, with plans to scale up to 7.0
exahashes by the end of the year.
As of 31
August 2023, Marathon holds a total of 13,286 BTC, with 13,111 being
unrestricted. The company ended the month with $111.2 million in cash and cash
equivalents. The combined balance of unrestricted cash and Bitcoin increased to
$445.5 million, compared to $201.5 million during the same period last year.
Five major
cryptocurrency mining firms, including Marathon Digital, experienced a
collective loss of $2.8 billion following a recent plunge in Bitcoin and the
overall crypto market. Data from AltIndex reveals that the market
capitalization of these publicly traded mining companies shrank 30% in a
single month, plummeting from $9.5 billion to $6.7 billion. Concurrently, the
monthly revenue generated from mining activities reached new lows.
Key
industry players like Riot Platform and Marathon Digital Holdings were among
the hardest hit, with their market capitalizations declining $1.1 billion
(31%) and $800 million (25%), respectively. Other companies like Canaan, Hut 8
Mining, and Cipher Mining Technologies also suffered significant market share
losses.
Glassnode's
recent data adds to the grim outlook, indicating that miners' revenues have
dipped to a monthly low of nearly $170 million. This downturn echoes a similar
event in 2022 that slashed their total revenue $6 billion.
Despite the
industry's poor health, Marathon Digital's stock has surged 250% this year.
However, this upward trend stopped in July at around $20, and since then, the
stock price has declined approximately 40% to about $12.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
US Elections 2024 Countdown: Polymarket Bettors Push Harris Closer to Trump
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24
Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24