Marathon Digital Holdings (NASDAQ:MARA) is trading higher Friday possibly on the back of positive news surrounding its Bitcoin mining operations and broader activity in the cryptocurrency sector. Here's what you need to know.

What To Know: The company, one of the leading Bitcoin miners, released a production update this week, reporting a 5% increase in Bitcoin production for September, with a total of 705 Bitcoins mined compared to 673 in August. Additionally, Marathon holds a massive 26,842 Bitcoins, opting not to sell any in September.

Marathon's hash rate climed to 36.9 EH/s, up 5% month-over-month. The company is on track to meet its goal of reaching a hash rate of 50 EH/s by the end of 2024. Marathon also won 207 Bitcoin blocks last month, up 6% compared to August. These achievements reflect Marathon's focus on scaling its operations and optimizing its data centers, including the conversion of its Granbury data center to immersion cooling, which is progressing as planned.

The company's stock saw significant options activity, with both bullish and bearish positions being taken by large investors. While some expect the stock to fall in the $10 to $30 range in the coming months.

MARA Price Action: Marathon Digital shares were up by 5.53% at $16.33 at the time of writing, according to Benzinga Pro.

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