Marathon Digital Holdings (NASDAQ:MARA) has reported a significant increase in its Bitcoin production and financial performance for September 2023. The firm produced 1,242 Bitcoin (BTC) last month, raising its total holdings to a record 13,726 BTC. The surge in production was attributed to improved operational efficiency and an uptick in the U.S. hash rate, according to CEO Fred Thiel on Thursday.
The company’s financial performance also saw an impressive improvement, with a year-over-year surge of 58% to $471.2 million. This increase was supported by the firm’s decision to hedge 1,000 BTC and sell 800 BTC for operations.
Thiel also announced that Marathon Digital is nearing completion of a second larger site in Abu Dhabi as part of its global expansion plans. The move follows the company’s successful retirement of most of its convertible debt at a significant discount.
Further enhancing its financial position, Marathon ended September with $101.2 million in cash and cash equivalents on its balance sheet. The company’s fleet efficiency is projected to hit around 24 J/TH, with uptime increasing by approximately 20% in McCamey, Texas.
Marathon Digital’s robust performance in September has resulted in the firm claiming a record 4.3% of the Bitcoin network’s miner rewards. Looking ahead, the company has scheduled a Special Shareholders Meeting for November 10, 2023.
