I detected bullish option flow in Marathon Digital $MARA on September 12, 2022, as bitcoin rebounded from its previous sell-off.
The bullish option flow is roulette plays with a expiration at the end of the week, September 16, 2022.
Make sure to review this lesson on option flow so that you understand the image above.
Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for August 2022
On September 6, 2022, Marathon Digital Holdings, Inc. (NASDAQ: MARA) published unaudited bitcoin (“BTC”) production and miner installation updates for August 2022.
“In August, we continued to install and energize miners with our hosting providers, increasing our hash rate and steadily improving our bitcoin production,” said Fred Thiel, Marathon’s chairman and CEO. “During the month, approximately 25,000 of our previously installed miners were successfully energized, increasing our hash rate back to approximately 3.2 exahashes per second with our operating mining fleet consisting of approximately 34,000 miners as of August 31. As a result, we produced 184 BTC in August.
“Our hosting providers have continued to install miners at multiple locations. Based on their latest reports, we expect to have approximately 65,000 additional miners, or approximately 6.9 exahashes per second of capacity, brought online at multiple facilities over the next 90 days. With installations and construction of new facilities progressing, these operational advances provide us with confidence that we are on pace to reach our primary target of approximately 23 exahashes per second of capacity near the middle of 2023, at which point, Marathon’s operations are expected to be not only among the largest, but among the most energy efficient on a per terahash basis.”
August 2022 and Recent Highlights
- Operating mining fleet consists of approximately 34,000 active miners, producing approximately 3.2 EH/s, after approximately 25,000 miners (c. 2.5 EH/s) are successfully energized in August
- Approximately 65,000 additional miners (c. 6.9 EH/s) are expected to be energized over the next 90 days
- Produced 184 bitcoin in August 2022; year-to-date through August 31, 2022, produced 2,222 bitcoin, a 26% increase over the same time period in the prior year
- Benefitted from a downward market price adjustment for the S19 XPs set to ship in September; benefits from price adjustments expected to continue as additional XPs are shipped in the October – December timeframe
- Total bitcoin holdings increased to 10,311 BTC with a fair market value of $206.7 million as of August 31, 2022
- Unrestricted bitcoin holdings were approximately 6,483 BTC with a fair market value of approximately $130.0 million
- Unrestricted cash on hand was approximately $71.4 million at August 31, 2022
- Previously announced exit from Hardin, MT facility along with the resales and/or redeployments of Hardin miners are expected to be completed by the end of September
In August, approximately 25,000 of Marathon’s previously installed miners, representing approximately 2.5 EH/s, were successfully energized and brought online. As a result, the Company’s hash rate increased to approximately 3.2 EH/s as of August 31, 2022.
Based on current construction and installation schedules provided to the Company by its hosting providers, Marathon currently expects for approximately 65,000 additional miners, or approximately 6.9 EH/s of capacity, to be brought online over the next 90 days. Additionally, based on these reports, the Company continues to expect to have enough miners installed to generate approximately 23 EH/s near the middle of fiscal year 2023.
Once all of Marathon’s previously purchased miners are installed, approximately 66% of the Company’s hash rate is expected to be generated by S19 XPs, which are approximately 30% more energy efficient than the prior generation. As a result, once fully operational, Marathon’s Bitcoin mining operations are currently expected to be among the largest and most energy efficient on a per terahash basis.
📺 Wait, $MARA Marathon Digital Had A Good Month??! | TURNING OVER A NEW LEAF??!
📈 Marathon Digital Chart Technical Analysis
Marathon Digital $MARA stock has a neutral rating as momentum is evenly balanced between Bulls and Bears. The stock could break either way so it’s better to stay on the sidelines for now. The chart pattern may be a bullish Symmetrical Triangle but it could also be a larger bearish downtrend channel.