Marathon Digital Holdings (NASDAQ: MARA) this morning announced its production figures for the month of November, along with plenty of corporate highlights to distract investors from the poor results. The firm produced just 196 bitcoins during November, its worst month in terms of production since April.
Production was down 53% on a month over month basis when compared to the 417.7 bitcoin produced in October. Production for the month of November is said to have been heavily impacted by maintenance and upgrades to its power station in Hardin, Montana.
Miner installations at the facility are now said to be completed, with the facility now operating near full capacity. Following the upgrades, the firms mining fleet is said to consist of 31,000 miners operating at a rate of 3.2 EH/s, which is expected to climb to 13.3 EH/s by mid-2022.
The upgrades however appear to have been rather effective, with the company stating that on December 1 alone they produced 34 bitcoin following the system upgrades, which is roughly 17% of production through all of November.
Bitcoin holdings meanwhile are said to now total 7,649.`1, which has a value of roughly $437.4 million, while cash on hand is $623.7 million, bringing total liquidity for the firm to $1.1 billion. Liquidity is expected to be further bolstered by a $650 million note offering that is expected to close early next week.
Marathon Digital last traded at $49.07 on the Nasdaq.
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As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.