Marathon Digital stock soars after company ramps up BTC mining in Q1

Shares of Marathon Digital Holdings (MARA) surged on Monday after the cryptocurrency miner introduced a major enhance in mining capability in the primary quarter, permitting it to up its stake in Bitcoin (BTC) by a substantial margin. 

MARA stock jumped 15.8% to close at $56.56, marking a brand new all-time excessive. The crypto mining stock rose by as a lot as 17.1% earlier in the day.

Marathon Digital’s share value closes at a brand new all-time excessive. Source: TradingView

By comparability, the technology-focused Nasdaq Composite Index rose 1.7% on Monday. Meanwhile, the Bitwise 10 Crypto Index Fund superior 1.9%.

At present values, Marathon Digital has a complete market capitalization of $5.6 billion, placing it among the many largest crypto proxy shares.

Marathon mined 196 BTC in the quarter ending March 31, bringing its complete holdings to five,134.2 BTC, the company announced Monday. At present values, Marathon’s Bitcoin holdings are value almost $302 million.

In addition to mining the digital asset, Marathon bought 4,812.66 BTC in January at a median value of $31,168.

The company was capable of scale up its mining operations in the primary quarter after receiving 10,300 S-19 Pro ASIC miners from Bitmain. Marathon’s mining fleet now consists of 5,800 miners collectively producing 0.71 exahashes per second in hashing energy.

Cash readily available on the company was $212 million on the finish of the primary quarter. Total liquidity, which is outlined as money and BTC holdings, was value roughly $513.9 million.

As Cointelegraph just lately reported, Marathon plans to divert all hashing power to its new, regulatory compliant mining pool on May 1. The mining pool has been set up to stick to all U.S. Anti-Money Laundering tips and different regulators set forth by the Office of Foreign Assets Control.