Marathon Digital Holdings, Inc. (NASDAQ: MARA) has shared an update of bitcoin production and its mining operation. The company has reported that it has produced 360.3 self-mined bitcoin during February 2022. The company has witnessed a 729% increase from 43.4 self-mined bitcoin in February 2021.
Marathon announced that it has witnessed a surge of total bitcoin holdings to 8,956 BTC, valued at $386.8 million at a reasonable value. It had around $106.4 million in cash on hand and $493.2 million in total liquidity, which included cash and bitcoin holdings. Furthermore, the company saw a rise of 8% in hash rate from the previous month after successfully deploying and energizing 2,800 miners in February.
In addition, the company's current mining fleet comprises 35,510 operational miners producing 3.8 EH/s. Implementations are projected to continue to speed during the rest of 2022, according to the business, after breaking the pattern on installing behind the meter at scale. By the end of 2022, the Company expects its mining activities to be completely carbon neutral.
Marathon intends to have deployed all of its bought miners by early 2023, at which point the Company's mining operations will consist of roughly 199,000 bitcoin miners producing about 23.3 EH/s. In addition, the Company continues to project that its mining activities will be carbon neutral by the end of 2022.
Moreover, the Company last sold bitcoin on October 21, 2020, and has been holding or hoarding all bitcoin created since then. As a result, Marathon now owns about 8,956 bitcoins, including 4,813 bitcoins purchased in January 2021 at an average price of $31,168 per bitcoin. On March 1, 2022, the reasonable value of one bitcoin was $43,193, meaning that Marathon's existing bitcoin holdings are worth around $386.8 million.