Marathon Digital Holdings Inc (NASDAQ:MARA) shares are trading higher. The company on Tuesday announced a Bitcoin (CRYPTO: BTC) production and mining operation update for July.

What Happened: Marathon Digital said it produced 692 Bitcoin in July, up 17% on a month-over-month basis. The company won 201 blocks last month, representing an increase of 27% year-over-year. Marathon also said it grew its operational hash rate by 5% in July to 27.5 EH/s.

"BTC production last month rose 17% to 692 BTC compared to June, and our average operational hash rate grew 5% over the same period to 27.5 EH/s. We will continue to mine aggressively while global hash rate comes offline due to a lower BTC price and use all the tools at our disposal related to mining economics for maximum production," said Fred Thiel, chairman and CEO of Marathon.

"Domestically, we have begun deploying our own technology to improve the operations of our sites. We are transitioning a large portion of our Granbury site from air cooled to MARA's immersion containers. Due to these deployments, our Granbury hash rate was lower in July, and we expect to have temporary downtime at this location."

The first group of immersion containers are expected to be energized in August and readied to come online. The work is expected to be finished before the end of the year.

At quarter's end, Marathon had $242.1 million in cash and cash equivalents. Including Bitcoin holdings, the company had $1.587 billion as of July 31. Marathon noted that it continues to target its 2024 hash rate goal of 50 exahash. Longer-term, the company said it intends to be among the lower cost operators in the industry.

MARA Price Action: Marathon Digital shares were up 1.47% at $17.20 at the time of publication, according to Benzinga Pro.

Photo: Benjamin Nelan from Pixabay.