Shares in Marathon Digital Holdings (MARA) rallied on Monday after the cryptocurrency announced a major increase in mining capacity in the first quarter, so it could significantly increase its stake in Bitcoin (BTC).

Mara shares jumped 15.8 percent to close to $ 56.56, a new record high. Cryptocurrency mining stocks rose 17.1% early in the day.

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

At current values, Marathon Digital has a total market cap of $ 5.6 billion, making it one of the largest cryptocurrency proxy stocks.

Marathon announced on Monday that Marathon managed 196 BTC for the quarter ending March 31, bringing total reserves to 5,134.2 BTC. At current prices, Marathon Bitcoin’s assets are estimated to be worth approximately $ 302 million.

In addition to redeeming the digital assets, Marathon bought 4,812.66 BTC in January at an average price of $ 31,168.

The company was able to expand its mining operations in the first quarter after receiving 10,300 S-19 Pro ASIC miners from Bitmain. The Marathon Mining Fleet currently consists of 5,800 miners who generate a total of 0.71 rashes per second with healing power.

The company’s cash balance at the end of the first quarter was $ 212 million. The total liquidity, defined as both cash and Bitcoin assets, was approximately $ 513.9 million.

As Cointelegraph recently reported, Marathon plans to redirect all hash-power to the new Compliant Mining Complex on May 1. The mine dam was constructed in accordance with all US anti-money laundering guidelines and other regulatory agencies established by anti-money laundering. Salad. Control of foreign assets.

Source: CoinTelegraph

LEAVE A REPLY