Here’s a big public bitcoin miner who refuses to commit suicide to a bear

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Over the past few months, the profitability of the market bitcoin mining has come down to new lows. These miners who rely on BTC earned from their mining activities have found themselves in a tough spot as Bitcoin prices have plummeted. As a result, several miners have sold their BTC holdings to raise money to continue their work. However, not all bitcoin miners are as a result of this.

Marathon digital bear off

Marathon Digital is one of the most prominent names in public bitcoin mining. The company was one of the winners of 2021 because of how its share price has risen as its popularity has skyrocketed. And the way public miners enjoyed looting after the 2021 Bitcoin bull market, it also came under pressure during the 2022 beer market trend.

Related Reading | Bitcoin Mining’s Infamous Cycle: What Causes It?

The company is now bowing to market pressures from competitors and looking to start selling their holdings. However, Marathon has refused to give up this trend of digital sales. Public Mine has refused to sell any bitcoin as shown in a recent report.

Marathon Digital has not sold any BTC since 2020 and was one of the companies to see its BTC production increase compared to 2021. After producing 707 BTC in the second quarter of 2022, the company now has a total of 10,055 BTC. Accounting for this is an 8% increase in BTC mining in the same period last year. Overall, Marathon Digital’s BTC production grew 132%, including 1,966 BTC produced annually.

Bitcoin price chart from TradingView.com

BTC price continues to struggle | Source: BTCUSD on TradingView.com

Extend Bitcoin mining capabilities

Not only is Marathon Digital selling its BTC but it is also a company that has been able to stick to its expansion plans through downtrend. In his report, Marathon Digital highlighted that operations in Hardin, MT, have reduced operations to about 6,300 miners due to a storm. However, the company plans to add new miners to its fleet. It plans to upgrade the fleet to a total of 199,000 miners by the first half of 2023.

Related Reading | The reverse bitcoin ETF sees a 300% increase in low interest rates

The company has continued to repay loans with $ 35 million in outstanding revolving credit line debt paid in June. Its outstanding balance now sits at $ 35 million. It is in a good cash flow position with a reported $ 88.7 million in cash on hand. Its liquidity profile is promising, with a total liquidity of সী 153.7 million with unlimited cash and available credit facilities.

Conversely, some major bitcoin miners were dumping their bitcoin. One of them is Core Scientific. Public Mines sold 7,202 BTC in June, more than its total BTC production for the month.

Riot Blockchain and Cathedra Bitcoin sold 250 and 235 BTC, respectively. Although Argo Blockchain plans to increase its debt as well as sell some of its bitcoins to continue its operations.

Featured image from Forbes, charts from TradingView.com

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