MARA Holdings, a leading player in Bitcoin mining, reported a significant increase in its cryptocurrency holdings, reaching 52,477 BTC valued at $5.9 billion.
Increase in Bitcoin Reserves
In August, MARA mined 705 BTC worth about $79.2 million, slightly up from 703 BTC in July. This represented 4.9% of all miner rewards, including transaction fees, for the month.
Hashrate Expansion and Energy Strategy
MARA's energized hashrate rose by 1% month-over-month to 59.4 EH/s. All containers at its Texas wind farm are now fully operational. The company signed a deal to acquire a 64% stake in EDF subsidiary Exaion, with an option to increase to 75% by 2027, emphasizing energy partnerships that stabilize power grids.
Market Performance and Rivalry with IREN
Despite its Bitcoin growth, MARA's stock has struggled, with a 4.9% drop in August and a 13.5% decline year-to-date. MARA lost its title as the largest public miner by market cap to IREN, which surged 59.4% last month. MARA adopted a full HODL policy, committing to hold all Bitcoin mined through its operations.
The increase in Bitcoin reserves and energy partnerships underscores MARA's confidence in the long-term value of cryptocurrencies, despite market volatility.
