Marathon Digital Holdings, the world’s largest Bitcoin mining company, has held onto all of its Bitcoin holdings despite a downtrend in Bitcoin (BTC) value lasting over a month. The firm’s operations report, released on July 3, revealed that Marathon Digital had a total of 18,536 Bitcoin, valued at over $1.1 billion. The company’s strategy is focused on strengthening its Bitcoin holdings through open market purchases and exploring other opportunities to increase its Bitcoin yield. While it has not sold any Bitcoin holdings in the past month, Marathon Digital noted that it may consider selling some BTC in the future.
The selling patterns of large Bitcoin holders, including mining companies, can have a significant impact on Bitcoin prices, especially in light of the upcoming 2024 Bitcoin halving. This event may be putting pressure on miners to sell more BTC due to reduced block rewards. With a valuation of over $6.25 billion, Marathon Digital is currently the world’s largest Bitcoin mining company, surpassing its closest competitor, CleanSpark, by 62%.
In June, Marathon Digital doubled its operational hash rate to 26.3 exahashes (EH/s) compared to the previous year, with the goal of reaching 50 EH/s by the end of 2024. This increase is attributed to the operational improvements in the Ellendale facility, which became fully operational at the beginning of July, according to Marathon Digital’s CEO and chairman, Fred Thiel.
Furthermore, Marathon Digital has initiated a pilot project in Finland where Bitcoin mining rigs are used to heat a town of 11,000 residents through a method called “district heating.” This project aims to leverage the excess heat generated by Bitcoin mining to provide an environmentally friendly and cost-effective means of heating homes.
As the company continues to grow, it is exploring various opportunities to expand its operations and contribute to the evolving landscape of Bitcoin and cryptocurrency.