FORT LAUDERDALE - MARA (NASDAQ: MARA), a prominent player in the bitcoin mining industry, announced an increase in its mining operations for September 2024. The company reported a 5% growth in its energized hash rate, reaching 36.9 EH/s, and a 6% month-over-month increase in the number of blocks won, totaling 207 for the month.
According to the company's chairman and CEO, Fred Thiel, the improved performance reflects the strength of MARA's globally diversified operations, with a significant increase in uptime contributing to the growth. The company also noted a 5% increase in BTC production over August, with 705 BTC mined in September.
MARA's balance sheet now boasts 26,842 unrestricted BTC, as the company chose not to sell any bitcoin during the reported month. Thiel expressed confidence in the company's trajectory, stating that MARA is on track to reach its target of 50 EH/s by the end of 2024. He also highlighted the ongoing transition of the Granbury data center to immersion cooling technology, which is expected to be completed before the year's end.
The company's commitment to environmental transparency and corporate responsibility was reinforced by its submission of a disclosure to the Climate Disclosure Project (CDP), marking it as the first publicly traded digital asset compute company to take such a step.
While MARA's update is promising, investing in the company's securities involves a high degree of risk, as stated in their recent annual report. The company's past financial performance is not necessarily indicative of future results, and investors are cautioned to consider all risks and uncertainties before making investment decisions.
This news article is based on a press release statement from MARA, and it reflects only the company's BTC mining operations. For detailed information regarding other operations, interested parties should refer to periodic reports filed with the SEC.
In other recent news, Marathon Digital (NASDAQ:MARA) Holdings reported a net loss of $200 million in Q2 2024, despite a 78% increase in revenue to $145 million, primarily due to a higher average Bitcoin price. The company also announced its intentions to offer $250 million in convertible senior notes due 2031, with the aim to use the net proceeds for purchasing additional bitcoin and for general corporate purposes.
Analysts from Macquarie initiated positive coverage on Marathon Digital, expressing confidence in the company's potential for growth and strategic positioning within the industry. Operational metrics showed an 11% month-over-month increase, with its energized hash rate reaching 35.2 exahash per second. However, the company observed a slight decrease in the number of blocks won and a 3% drop in Bitcoin production, totaling 673 BTC.
Recent developments include the expansion of Marathon Digital's board of directors with the appointment of Janet George and Barbara Humpton, and the designation of Doug Mellinger as lead independent director. These appointments are expected to strengthen the board's oversight capabilities and contribute to Marathon Digital's leadership in the digital infrastructure technology sector. These are some of the latest updates from Marathon Digital, reflecting the company's recent financial and operational performance.
InvestingPro Insights
MARA's recent operational improvements align with several key metrics and insights from InvestingPro. The company's 5% growth in energized hash rate and 6% increase in blocks won are reflected in its strong financial performance. According to InvestingPro data, MARA's revenue growth stands at an impressive 224.69% over the last twelve months, with a quarterly growth of 77.52% in Q2 2024.
This growth trajectory is further supported by an InvestingPro Tip indicating that analysts anticipate sales growth in the current year. The company's profitability is also noteworthy, with a gross profit margin of 43.56% and an operating income margin of 12.16% over the last twelve months.
Despite the recent positive operational updates, investors should be aware that MARA's stock price has fallen significantly over the last three months, as highlighted by another InvestingPro Tip. This volatility is characteristic of the cryptocurrency mining sector and aligns with the company's caution regarding the risks associated with investing in its securities.
For those considering an investment in MARA, it's worth noting that InvestingPro offers 14 additional tips that could provide further insights into the company's financial health and market position. These additional tips could be particularly valuable given the complex and volatile nature of the bitcoin mining industry.
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