Bitcoin (BTC) mining company Marathon Digital stated that they have not sold any Bitcoin for a long time despite the huge losses in the crypto money market, but if the market conditions continue like this, they may change their “Hodl” strategy.
Bitcoin miners periodically during the past bear market bitcoin found in sales. These sales to cover the costs While it may seem essential, some other companies cover the mining costs. loans and debts For the long term, they can use their Bitcoins to pay with they prefer to hide. Although this strategy has worked successfully in the 2020-2021 rising season, the inflation-related downturn we are in is “Hodl” on supporter miners great pressure started to build.
To give an example of giant mining companies that increased their sales significantly under the influence of this pressure, in June Riot Blockchain 300 Bitcoins, CleanSpark if 328 BitcoinsMade sales. Moreover Core Scientific Going a little further, the amount of Bitcoin in his portfolio 78%He sold his
At this point, one of the largest mining companies, Marathon Digital, has managed to preserve its “Hold” strategy until now, in accordance with its policy. CEO Fred Thiel Recently Bitcoin MagazineHe made the following statements in an interview with:
Renting land, buying transformers, buying containers, constructing buildings, paying deposits to electricity suppliers, etc. We don’t have to worry about it. We sign contracts with hosting providers at fixed prices, thus avoiding a huge burden.
Continuing in Thiel’s speech, “At this point we CapEx (capital expense) investments do not have to prepay. So it gives us an advantage in the current market situation.” made statements.
According to the data, Marathon Digital is among the public Bitcoin miners with the highest volume is in the situation. According to Thiel’s statement, although the company did not sell Bitcoin during the last 10-month market decline, the new Bitcoins it produced in the coming period thinking of selling some. The CEO stated that if the market conditions continue like this, they may change their “Hodl” strategy.
These days as we continue to mine, if Bitcoin is stuck at current price levels, it may be wise to sell enough Bitcoin to cover the expenses.
Although miners are under sales pressure, even the sale of all daily generated Bitcoins will have a serious impact on the market. No selling pressure.