Marathon Digital Holdings Inc. (MARA), a digital asset technology company, experienced a decline of 3.81% in its share price on Thursday, as a result of which, the share price stood at $33.84. But, in the premarket hours, MARA stock is on rise. Up till now, it has experienced an increase of 4.31%, and as a result, the share price currently stands at $35.30.
Appointment of Board of Directors
On Monday, Marathon Digital appointed Sarita James and Said Ouissal to its board of directors. After that move, Marathon Digital’s board of directors consists of seven members. Sarita James is the CEO of Embark, which is a college admission software company and has been awarded several accolades, while Said Ouissal is the CEO and founder of ZEDEDA. He brings along himself a rich experience of leadership across IP networking, Telecommunications, and the mobile broadband industry. Both Sarita and Said have track records of successfully leading and growing organizations in industries directly pertinent to our own, as said by CEO of Marathon Digital Holdings, Fred Thiel.
July update about bitcoin mining and production
On the 3rd of August, the company shared an update regarding the Bitcoin production and mining operations for July. According to the update, the company had produced 442.2 new bitcoin during the month of July, as a result of which, its existing bitcoin number has reached 6225.5, having a market value of $260.7 million. The cash on hand was about $91.9 million. The existing mining fleet of the company consists of 19,395 miners, producing 2.09 EH/s.
MARA Purchased Bitcoin mining setup
On the 2nd of August, the company announced it have purchased the 30000 antiminerS19j Pro (100 TH/s) miners for a price of $120.7 million from Bitman. The company hopes to get all of the miners between January 2022 and June 2022. with this new order, they are growing operations by 30% to approximately 133,000 miners, producing 13.3 EH/s, said Fred Thiel.
Appointment of Director of corporate communications
In mid of July, the company announced to appoint Charlie Schumacher as director of corporate communications. Charlie is a communication strategist, having vast experience in leadership positions, as well as in capital markets navigation. Since 2017, he has been keenly studying the investment in Bitcoins and advising companies on the subject. Fried Thiel welcomed his induction into the company. Charlie, who has been working with us since September 2020, has proven to be a valuable resource for Marathon, and we look forward to further benefitting from his expertise, said Fred Thiel.
June update about bitcoin mining and production
In early July, the comp announced the Bitcoin production and mining update for the month of June 2021. According to those, the company had produce 265.5 new bitcoins in the month, while the cash on hand was $170.6 million. The company also announced to have increased the active mining fleet to 19,395 miners.
What lies ahead for MARA stock?
Digital assets are believed to be the key to unlocking the future potential of our finance sector. So, in that regard, the coming time appears to be sanguine for Marathon Holdings. As far as the performance of MARA stock is concerned, the EPS for next year is estimated to increase 41.50%. The short-term volatility in the market could affect MARA stock, but the long-term investors could remain in benefit keeping in mind the current performance of MARA stock.
