For the first time in two years, Marathon Digital Holdings, one of the biggest publicly-traded crypto miners holding bitcoin, recently sold off part of its Bitcoin assets.
The Reason For This Sale Is Not That The Economy Is Bad, It’s That Bitcoin Has Risen
In a company statement, Marathon Digital revealed it had sold 1,500 BTC in January for around $35.3 million, according to today’s prices. Despite several crypto miners being forced to offload bitcoin due to financial struggles, a representative from Marathon clarified that their decision was not made out of hardship but other reasons instead.
A spokesperson for Marathon Digital recently announced that, in light of the cryptocurrency market’s bright long-term outlook and Bitcoin surpassing $24,000 for the first time since 2022 this January, they had decided to sell some of their holdings. Despite production being down temporarily, they had previously held onto all Bitcoins without intent to sell until now. With confidence in the future growth of Bitcoin value, it is an opportune moment to cash out on some profits.
After the sale, Marathon Digital’s bitcoin holdings expanded to an impressive 8,090 BTC ($189.8 million) in January—an excellent demonstration of its investment strategy and determination.
Marathon Digital Increases Bitcoin Mining Capacity Day by Day
During January, Marathon Digital reportedly saw a surge in its crypto mining operation, with an increase of 45% from the previous month. This resulted in 687 BTC being mined for that period. According to Chairman and CEO Fred Thiel, this success was mainly because technical issues at the King Mountain data center within the fourth quarter of 2022 were resolved, and a new hosting provider based out of McCammy, Texas, was acquired.
As of January’s end, Marathon Digital was one of the most prominent publically-listed crypto miners – boasting over 11 thousand Bitcoin and 8 thousand unrestricted coins across tens of thousands of US servers. Topping it off with an astounding $133,8 million in cash on hand, this miner is certainly making a name for itself!
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