Due to the persistent decline in the crypto market where many assets are devalued, many miners have opted to sell their holdings. At such a time, Marathon Digital Holdings, one of the leading Bitcoin mining companies, showed signs of resilience. The company refuses to sell any of its Bitcoin holdings.
Marathon Digital has released a report announcing updates on its Bitcoin mining operations. In the aforementioned report, the company stated that as of June 30, it had a total of 10,055 BTC worth 198.9 million against the dollar at the time. He also noted that he has not sold any of his Bitcoin assets and has continued this practice since October 2020.
The current market downturn has had detrimental effects on both individual and institutional investors. A few individual miners and public mining firms had to sell some of their BTC holdings to cover their operating costs and maintain a strong position in the market. This pressure is undoubtedly felt by Marathon Digital as well, but the firm’s resilience to this point is a commendable achievement.
Marathon Digital saw a 132% increase in BTC production last year
Regardless, the firm’s BTC production has seen a 132% increase, minting 1,966 Bitcoins last year. However, the firm stated that it may start selling some of its BTC holdings in the future as production increases. He added that he will do this to cover monthly operating costs:
“If Bitcoin is stuck at current price levels these days as we continue to mine, it may be wise to sell enough Bitcoin to cover the costs.”
Marathon Digital was founded in 2010 by Merrick Okamoto as a crypto mining digital asset technology company. The firm has grown rapidly to become one of the leading Bitcoin mining firms.
The company is traded on the NASDAQ with the code MARA. Stocks rallied with BTC during the bull market late last year, but have been underperforming for some time due to the challenges the crypto space is currently facing. However, the stock has gained 29.12% in the last 5 days, trading at $7.67 at press time.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.