Shares of Marathon Digital Holdings Inc. MARA, +10.84% rallied 2.8% in premarket trading, after the cryptocurrency miner said it produced 462.1 “self-mined” bitcoin BTCUSD, +2.54% in January. That represented a nine-fold increase (up 816%) from the 50.4 self-mined bitcoin in the year-ago period. That increased the company’s bitcoin holdings to 8,595, which has a fair market value of $330.6 million. The company said the last time it sold bitcoin was in October 2020; since then, it has been accumulating, or “hodling,” all bitcoin mined. “As in prior months, our bitcoin production was impacted by fluctuations at the power generating station in Hardin, MT as well as the total network’s hash rate increasing by approximately 14% in January to over 190 Exahash,” said Chief Executive Fred Thiel. “While we continue to work with the power operators in Hardin to address these issues, we believe our operations will become more stable in the coming months as we begin to accelerate deployments with Compute North.” The stock has tumbled 67.0% over the past three months through Thursday, while bitcoin has dropped 38.8% and the S&P 500 SPX, +0.52% has eased 4.3%.
