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Prominent bitcoin mining firm Marathon Digital Holdings (MARA) has released its report of overall bitcoin production which showed a significant growth from the previous month. Meanwhile, it also reported a rise in short percent float for the October month reaching a recent high. Both these could play a crucial role affecting MARA stock price in near future.
Marathon Digital counted one among the major bitcoin miners in the world and its movement is also seen as a catalyst in crypto markets movement. Shifting the bitcoin mining firm from Montana to King Mountain in Texas brought some significant positive changes for the company. These changes were expected to boost the MARA stock and so they did.
Shifting of bitcoin mining rig resulted in adding more bitcoin miners which led to increase in hash rate. Both the factors combined made the bitcoin mining company double its BTC production within just a month. More than 19,000 bitcoin miners were added to the existing count and it went up to overall 57,000 BTC miners online. Total mining capacity also became 5.7 Eh/s following the increase.
Marathon Digital Doubling BTC Production
Earlier this month, the mining company reported to produce 360 BTC in September 2022. This was a significant increase from 184 BTC in August 2022. Moreover, by 30th September 2022, Marathon Digital had overall 10,670 bitcoin in its bitcoin holdings. Such incidents played a factor in boosting the MARA stock price. For instance the price on 26th September went to 21.09 USD which rose up to 28.35 USD at the press time.
However MARA stock price did their best by now for the year in June when it went up to 31.93 USD. This leaves room for the stock price to show more such performances.
Short Percent of Float Increase May Affect MARA Stock
One more potential factor to affect the stock price of Marathon Digital (MARA) is short perfect float which witnessed a raise of about 7.05%. As reported, about 31.72 million shares of Marathon were sold which accounts for approx 27.32% of the overall existing shares.
Short interest is seen as an indicator to show the performance of companies’ stocks. Increase in short interest shows the bearish sign while the decrease indicates the bullish sentiment for the respective stocks. Given the indicator surging could result in potentially adverse effects on MARA stock price, nothing happened till the time though.
The short percent for MARA stocks is more than the earlier report and it’s even the highest within the last six reports. While comparing the short interest percentage of float of Marathon Digital to the average of its peer group remains 6.81%. This indicates that the company holds more short interest even than its peers.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
