Marathon Digital Holdings Inc. (NASDAQ: MARA) published its Bitcoin mining and production report for June 2023. The leading Bitcoin (BTC) mining firm also reported the increased hash rate and the installation of miners across the mining facilities. Meanwhile, as MARA stock maintains the momentum, the positive outlook in the report is likely to only push the movement.
According to Marathon Digital’s unaudited Bitcoin (BTC) production report, the company produced 979 Bitcoin (BTC) in June. Though the production is down by 21% from May, it is higher than last June’s Bitcoin production by a whopping 599%.
In the report, Marathon Digital CEO Fred Theil mentioned the reduction in transaction fees to 5.1% in June from 11.8% in May. He cited the weather conditions in Texas as the reason for reduction in fees.
Bitcoin Ordinals Inscriptions also gave a boost to the activities over the Bitcoin blockchain network and are likely to have contributed to the reduction in transaction fees. Ordinals has driven up the price of Bitcoin since it was launched. With Ordinals, Bitcoin ceased to remain a single-function digital asset.
Marathon Digital also noted the instance in its report where the transaction fees enjoyed the uptrend with the emergence of Ordinals in May, which settled down in the following month. However, the instance was taken as such innovations are likely to turn out positive for the overall Bitcoin landscape down the road.
As the current movement of MARA stock price show on the chart, it is taking an upward course. Prior to the recent upward movement, the stock price consolidated in the range above $8 and $10.5. At press time, the stock price is trading at $14.88 and lost over 4%.
Though the intraday session shows a decline in the price of Marathon, the short term upward movement is likely to push the price till $19. A golden crossover or upward crossover of 50- and 200-days Exponential Moving Averages (EMAs) suggests a bullish trend in stock price is expected.
Marathon Digital affirmed that the company currently holds unrestricted 12,538 BTC until July 1, 2023. It also noted the company’s plan of selling 700 BTC in June. For monthly operations, managing the treasure and general purposes, the company also intends to sell a portion of its crypto holdings. The report suggests the company holds $113.7 Million in cash and cash equivalents.
The Bitcoin Mining and Production report shows a 21% drop in production month over month. However, the year over year rise is an impressive 599%. CEO Fred Theil cited improvements in Texas’ weather conditions for the reduction in transaction fees from 11.8% in May to 5.2% in June. The miner reported an increase in hash rate amid an increase in Bitcoin price.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/07/06/marathon-digital-nasdaq-mara-produced-600-more-btc-in-june/