One of the largest publicly traded Bitcoin miners Marathon Digital, crypto- money in January to make money from the last rally in the market 1,500 Bitcoin (BTC) for the first time announced it was selling.
Marathon Digital Sells Bitcoin (BTC) For The First Time To Monetize The Last Rally
The mining company said on Thursday that this decision was made to cover some of its costs.
“As Bitcoin production increases and becomes more consistent, we have made the strategic decision to sell some of our Bitcoin for general corporate purposes and to cover some of our operating expenses, as we previously planned,” said Fred Thiel, Chairman and CEO of Marathon.
The company still has approximately 11,418 Bitcoins exists.
This move brought the miner’s strategy in line with some of its peers, including Riot Platforms (RIOT), which started selling some of the Bitcoin mined last year.
Marathon was among the few miners who continued to hold their mined Bitcoin even after stating that it could sell it at some point.
The decision likely came after the Bitcoin price surged nearly 40% in January. According to the statement, the mining company plans to continue selling some of the Bitcoin mined this year to fund its monthly operating costs.
In the statement, it was stated that the mining company had a hashrate, or computational power, of 11 exahash per second (EH/s) in January and plans to reach 23 EH/s by mid-2023.
The hashrate of the Bitcoin network is currently around 282.55 EH/s, which means Marathon has around 4% of the global computing power.
Marathon announced that it has mined a record 687 Bitcoins, a 45% increase compared to December of last year.
*Not investment advice.
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