This article was originally published on TipRanks.com
Cryptocurrency-focused digital asset technology company Marathon Digital Holdings, Inc. (NASDAQ:MARA) recently reported its production and installation activities for December 2021.
Details of Production
With an annual production of 3,197 BTC in 2021, Marathon’s Digital fleet of miners reported an impressive 846% year-over-year rise in the production of bitcoins in the Fiscal Year 2021. This rise in production enabled the company to increase its total bitcoin holdings to about 8,133 BTC with a fair market value of roughly $375.8 million.
Notably, during the Fiscal Year 2021, the company deployed 30,391 top-tier bitcoin miners and concluded the construction of its mining facility in Hardin, MT. This allowed the company to grow its hash rate by 1,790% to 3.5 EH/s in December 2021.
The CEO of Marathon, Fred Thiel, said, “We finished the year with our most productive month to date, producing 484.5 bitcoin in December and 1,098 bitcoin in the fourth quarter. Today, we have access to top-tier hosting and renewable power, a strong balance sheet with $644.3 million in total liquidity, and nearly 167,000 industry leading bitcoin miners being added to our fleet between the start of this year and early 2023.”
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Recently, D.A. Davidson analyst Chris Brendler reiterated a Buy rating on the stock with a price target of $65, which implies upside potential of 97.6% from current levels.
Consensus among analysts is a Strong Buy based on 3 unanimous Buys. The average Marathon Digital stock price prediction of $68.33 implies upside potential of 107.8% from current levels. Shares have gained 198.7% over the past year.
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on MARA. Further, 1% of portfolios tracked by TipRanks increased their exposure to MARA stock over the past 30 days.
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