Marathon Digital achieved a notable 2% increase in Bitcoin production for October 2024, reaching 717 BTC, marking its highest monthly output since the halving.

This increase in production was supported by a 14% rise in Marathon's energized hash rate, which surpassed 40 exahashes per second (EH/s), although the number of blocks won slightly decreased.

Despite a 3% drop in block wins due to heightened network difficulty, Marathon's mining pool, MARAPool, generated $400,000 from two high-fee transactions.

The surge in production was significantly influenced by higher transaction fees, which accounted for about 5% of Marathon's total Bitcoin output.

While Marathon reported a net loss of $200 million in Q2 2024, its revenue impressively increased by 78% to $145 million, showcasing resilience in a volatile market.

Marathon Digital continues to be a major player in the U.S. digital asset mining sector, currently holding a market cap of $4.74 billion and attracting considerable investor interest.

Institutional interest in Marathon is on the rise, with Assenagon Asset Management increasing its holdings by over 50%, alongside other firms boosting their stakes.

CEO Fred Thiel expressed confidence in achieving a targeted hash rate of 50 EH/s by the end of 2024, leveraging proprietary technologies like Slipstream and MARAPool.

Marathon is actively working towards this goal, having set a target of reaching 50 EH/s, which remains achievable according to company statements.

Despite these strong production figures, shares of Marathon fell by 3.79% on November 4, 2024, reflecting the dynamic nature of the cryptocurrency market.

Currently, MARA stock is trading at approximately $16.11, down 0.66% in midday trading, highlighting ongoing fluctuations in the market.

In contrast, Riot Blockchain also reported growth, with its Bitcoin holdings increasing to 10,928 BTC by the end of October, up from 10,427 BTC in September.