Cryptocurrency miner Marathon Digital (NASDAQ:MARA) has mined 687 bitcoin (BTC-USD) during the first month of 2023.
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This was an impressive 45% jump as compared to production in December and now MARA holds a total of 8,090 bitcoin in its kitty. Further, the company now has $133.8 million in unrestricted cash and is taking steps to improve operational efficiency.
MARA has and is planning to sell some of its bitcoin to cover operating expenses. Now, the company is focusing on optimizing the performance of its miners and aims to install about 23 exahash of computing power by the middle of this year.
Meanwhile, Bitcoin is slowly regaining lost ground and the price of the cryptocurrency has zoomed 40.6% to $23,501 over the past month already.
Overall, Wall Street has a consensus price target of $12 on MARA, implying a hefty 50% potential upside in the stock. That’s after a 65.2% slide in the company’s share price over the past year.
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