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Marathon Digital, the BTC Mining Leader hasn’t sold Bitcoin for long

Bitcoin Mining giant has shown its iron fist as it has not sold any Bitcoins since October 2020.
Marathon Digital, the BTC Mining Leader hasn’t sold Bitcoin for long

It has been stated that Bitcoin mining leader Marathon Digital has not sold a single Bitcoin since October, 2020.  The company disclosed its financial and current status in its production and mining operation announcement. Despite the increase in Bitcoin miner outputs, Marathon reported that it produced 707 Bitcoins in the Q2 of 2022, an annual increase of 8 percent compared to the Q2 of 2021.

 

On the other hand, it was stated that the company currently holds 10,055 Bitcoin, worth an estimated $222.5 million at current prices. The company has not sold any assets since October 2020.

Marathon Digital facing issues in Texas

Marathon President and CEO Fred Thiel said that the

 

“company continues to work on various operational hurdles as it continues to regulate miners in Texas to prepare for energization.”

 

Production in this June had its lowest period since March, 2021. In the month, production fell to 140 Bitcoin. The drop was caused by a serious storm that hit  Texas on June 11. The weather has damaged the local power plant, left 30k Marathon miners, without electricity.

 

Marathon generated 1,966 Bitcoins from the beginning of the year to June 30, an increase of 132 percent compared to the same period of the last years. The company in question is one of the few BTC mining companies struggling in the bear market without closing or selling their holdings.

 

Image by LauraTara from Pixabay

Ken Ololej

Ken Ololej

Ken is a crypto-enthusiast from the beginning, with deep understanding of the cryptocurrency market and blockchain based assets.

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