Marathon Digital, a leading publicly-traded bitcoin miner, has sold 1,500 bitcoin in January, in an effort to monetize the current rally in the cryptocurrency market. This move marks the first time the company has ever sold any of its bitcoin. The sale was made to cover operating expenses and for general corporate purposes, according to Marathon’s CEO, Fred Thiel. Despite the sale, the company still holds over 11,000 bitcoin in reserve. This move aligns with the strategies of other miners, including Riot Platforms, who started selling some of their mined bitcoin last year.
As Bitcoin Production Increases, Miner Looks to Fund Monthly Operating Costs
Marathon Digital, with an operating hashrate of 11 exahash per second, aims to reach 23 EH/s by mid-2023. The miner’s record production of 687 bitcoin in January was attributed to its team’s successful collaboration with a new hosting provider in McCamey, Texas. To fund its monthly operating costs, Marathon plans to continue selling some of its mined bitcoin this year. The shares of the company rose on Thursday but fell slightly in after-market trading following a dip in the momentum of bitcoin.
Marathon Digital Joins Peers in Monetizing Bitcoin Rally, Holding Over 11,000 Bitcoin in Reserve
Marathon Digital, one of the largest publicly traded bitcoin miners, has joined its peers in monetizing the recent rally in the crypto market by selling 1,500 bitcoin for the first time. The sale was made to cover operating expenses and general corporate purposes, according to the company’s CEO, Fred Thiel. Despite the sale, Marathon still holds over 11,000 bitcoin in its reserve. With an operating hashrate of 11 exahash per second, the miner aims to reach 23 EH/s by mid-2023 and continue selling some of its mined bitcoin to fund monthly operating costs. The shares of the company rose on Thursday but fell slightly in after-market trading.
