Crypto miner Marathon Digital (NASDAQ:MARA) produced 979 Bitcoin (BTC-USD) in June, reflecting a 599% year-over-year jump but down 21% compared to May. Despite the sequential decline in Bitcoin production, MARA stock was up about 2% as of writing.
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MARA’s June Production Update
Marathon Digital cited weather-related curtailment in Texas and a significant decline in transaction fees to about 5.1% of total Bitcoin earned in June compared to 11.8% in May as the reasons for the sequential decline in production. The average Bitcoin produced per day fell 19% to 32.6.
The company highlighted that the operational hash rate increased 16% month-over-month to 17.7 exahashes. Further, the company’s installed hash rate grew 8% compared to May to 21.8 exahashes. The firm aims to achieve its goal of 23 Exahashes per second through its new facilities in Ellendale, North Dakota and Garden City, Texas.
As of July 1, Marathon’s operating fleet increased to about 149,900 Bitcoin miners, capable of producing 17.7 EH/s. As of June 30, MARA held 12,538 BTC, up 2% compared to the previous month and worth about $382 million.
Meanwhile, Hut 8 Mining (NASDAQ:HUT) announced that it produced 120 Bitcoins in June, marking a sequential decline due to repair and restoration at the company’s Alberta site.
Despite growing regulatory scrutiny, stocks of Bitcoin miners have rallied this year, with Bitcoin, the largest cryptocurrency by market cap, surging over 87% year-to-date.
Is MARA a Good Stock to Buy Now?
With two Buys and one Hold, Marathon Digital earns a Moderate Buy consensus rating. The average price target of $14.67 implies a possible downside of nearly 6%. MARA shares rallied over 156% year-to-date.
