Marathon Digital CEO Fred Thiel revealed that the company mined 1,072 BTC in August. This exceeds the August figures of the previous year by more than five times, but compared to July 2023, the company mined bitcoins by 9% less. The reason is abnormal weather conditions in Texas, which led to a significant decrease in the hash rate.
Thiel noted that in August, the company increased its operating hash rate in the US by 2% to 19.1 EH/s, while the hash rate increased by 1% to 23.1 EH/s. According to Marathon Digital, the company owns 13,286 BTC worth $341.9 million. In August, the company sold 750 bitcoins worth $193 million. In the coming months, Marathon Digital plans to continue selling bitcoins to cover general corporate expenses.
In May, Marathon Digital reported mining a record 1,245 bitcoins, up 77% from the previous month. In addition, this is 366% more than in May 2022.
Marathon Digital has been facing legal issues lately. In July, a class-action lawsuit was filed against the mining company on behalf of the shareholders of Marathon Digital. Plaintiffs allege that the company made false and misleading statements and failed to disclose information that could have a material adverse effect on its financial position.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
