Marathon Digital Holdings, the largest Bitcoin mining company in the world, made the decision to hold onto all of its Bitcoin holdings despite the cryptocurrency’s downward trend. According to the company’s operations report released on July 3, Marathon Digital currently holds 18,536 BTC, valued at over $1.1 billion as of June.
The company’s strategy is to continue strengthening its Bitcoin holdings by purchasing BTC on the open market and exploring other opportunities to increase its Bitcoin yield. However, Marathon Digital also acknowledged the possibility of selling some of its BTC in the future.
The selling patterns of major Bitcoin holders, such as mining firms, can have a significant impact on the price of the cryptocurrency, particularly in light of the upcoming 2024 Bitcoin halving. This event may lead miners to sell more BTC as the block rewards are reduced by half.
With a market capitalization of over $6.25 billion, Marathon Digital is the leading Bitcoin mining company globally, surpassing its closest competitor CleanSpark by 62%. CleanSpark currently has a market capitalization of $3.85 billion, according to data from CompaniesMarketCap.
Marathon Digital has achieved a year-over-year doubling of its operational hashrate, reaching 26.3 exahashes (EH/s) in June. This increase is primarily attributed to operational improvements at the Ellendale facility, which became fully operational at the beginning of July. The company aims to reach a hashrate of 50 EH/s by the end of 2024.
In addition to its mining operations, Marathon Digital has also embarked on a pilot project in Finland that utilizes Bitcoin mining to provide heating for a town of 11,000 residents. The 2-megawatt project, located in the Satakunta region, utilizes a method called “district heating,” which centrally heats water and distributes it through an underground network of pipes to warm houses. This innovative approach could potentially reduce carbon emissions and heating costs in the future.
Overall, Marathon Digital Holdings remains committed to its Bitcoin holdings and continues to explore expansion opportunities in the mining industry while also exploring innovative applications for Bitcoin mining technology.