News

Bitcoin mining company MARA Holdings (formerly Marathon Digital) announced its third-quarter financial report on Tuesday afternoon, with a quarterly loss of $0.34 per share, in line with market expectations according to Market Watch data. Third-quarter sales were $131.6 million, lower than the expected $151.6 million but an improvement from the net loss of $199.7 million in the second quarter. As of October 31st, MARA held 26,747 BTC on its balance sheet and produced 2,070 BTC in Q3 while purchasing another 6,210 BTC; among these purchases was 4,144 BTC bought using proceeds from issuing convertible preferred notes worth $300 million at an average price of $59,500 each. Last week MARA stated that it had mined a total of 717 BTC in October alone - a month-on-month increase of 2% - and increased its hash rate to reach up to 40.2 EH/s for that month as well. On Monday the company announced it had purchased two power plants located in Ohio with a combined capacity outputting up to222 megawatts for a price tag set at $270 per kilowatt-hour.

According to reports, since the U.S. election, the supply of two major stablecoins, Tether (USDT) and Circle (USDC), has increased by $5.4 billion within a week. Analyses point out that this growth reflects an increase in investor demand for crypto assets. Data shows that USDT and USDC have set records for supply on different networks, demonstrating diversified development in stablecoin demand.