Marathon Digital’s bitcoin production barely moves in December (NASDAQ:MARA)

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Marathon Digital Inc (NASDAQ:MARA) stock fell 4.3% on Thursday morning as the company mined 475 bitcoins (BTC-USD) in December, up slightly from the 472 bitcoins produced the previous month.

The BTC miner ended last year on a relatively strong note, having produced 4,144 BTC in 2022 compared to 3,197 in 2021.

It also managed to double its hash rate to 7.0 exahashes per second Y/Y in 2022, said CEO and Chairman Fred Thiel, with most of that mining capacity now located at the King Mountain Wind Farm, in West Texas. As of January 1, its operating mining fleet consisted of approximately 69,000 active miners.

An additional 2.1 EH/s are pending power-up after an additional 1,000 XP S19s were installed in Texas in December. Its mid-2023 hash rate target of 23 PE/s still stands.

In an effort to bolster its liquidity position, “we have decided to fully repay outstanding balances under our revolving credit agreement” amid heightened macroeconomic uncertainty, Thiel said. Specifically, MARA reduced revolver loans from $30 million as of November 30 to $0 as of December 31.

The move ultimately increased the company’s bitcoin (BTC-USD) holdings to 7,815 as of December 31, with a fair market value of approximately $129.3 million, from 4,200 as of November 30.

MARA ended the year with $103.7 million in unrestricted cash.

Previously (December 6), Marathon Digital’s bitcoin production in November fell due to the reduction in King Mountain’s operations.

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