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

U.S. crypto mining company Marathon Digital Holdings has held more than $ 460 million in Bitcoin mainly from mining and purchases since last year.

According to a November 2 report, the mining company said it has been HODLing all Bitcoin (BTC) generated from its mining operations – approximately 2,640 BTC – since its last sale in October 2020. In addition, Marathon Digital bought more than 4,812 BTC in January when the price of the cryptocurrency was less than $ 35,000. At the time of publication, the BTC price is $ 62,056, giving the mining company’s 7,453 BTC holdings a value of approximately $ 462 million.

The company has continued to expand its mining operations despite global supply chain problems affecting the distribution of crypto mining platforms. Marathon Digital reported that it leased aircraft for some of the 42,381 ASIC miners currently in its possession, allowing the company to produce more than 417 BTC in October. The majority of the miners are currently employed at the company’s facility in Montana, while 12,331 platforms are awaiting deployment at a Compute North facility in Texas.

Shares of Marathon Digital Holdings, also under the ticker MARA arose to more than $ 63 today, marking heights not seen since May 2015. The crypto mining stock later fell to $ 61.36 at the time of publication.

Related: The blacklist: Marathon only mining “fully compliant” Bitcoin transactions

The mining company announced in May that it plans to achieve 70% carbon neutrality for its operations despite plans to expand with the deployment of more than 90,000 previously purchased miners. According to Marathon Digital, it is expected that the set of 133,000 miners will produce a hash percentage of approximately 13.3 EH / s by 2023.