Marathon Digital A Bitcoin Miner Sells BTC For The first Time In Two Years

Marathon Digital, a publicly traded bitcoin mining company, has announced its first bitcoin sale in two years.

“We aim to continue selling a portion of our bitcoin assets in 2023 to support monthly operating costs,” Marathon says in its monthly mining statement. “Even with these sales, our unconstrained bitcoin holdings climbed from 7,815 bitcoin as of December 31, 2022, to 8,090 bitcoin as of January 31, 2023, as our production improved and the appreciation in bitcoin’s price in January lowered the amount of bitcoin we had posted as collateral. We also finished the month with $133.8 million in unrestricted cash on hand.”

Marathon Digital has amassed one of the industry’s largest public bitcoin holdings, second only to Michael Saylor’s MicroStrategy. According to the firm’s report, the transaction was not undertaken out of financial need, but rather as a smart financial move.

“In earlier press releases and conference calls, Marathon has stated that the Company intends to sell a portion of its bitcoin holdings to offset operational expenses as production ramps up,” according to the report. “As production improves, Marathon has decided to sell 1,500 BTC in January 2023.”

Marathon, like other bitcoin miners, had to deal with a 2022 that witnessed a variety of industry issues, from from rising electricity bills to global infection that destroyed bitcoin’s price.

Despite these problems, the report described the positive position of the company, saying, “As we move ahead, our aim for the year is to activate additional miners and to maximize their performance. We remain optimistic in our capacity to build Marathon into one of the world’s largest and most energy-efficient Bitcoin mining operations by deploying roughly 23 exahashes of processing power near the middle of 2023.”

For more articles visit: Cryptotechnews24

Source