Marathon Digital Holdings – a leading bitcoin miner – mined 687 bitcoins in January 2023, an increase of 45% compared to the last month of 2022.
However, the company shifted from its non-sales strategy and gave up 1,500 bitcoins to cover operational costs.
Change of plans
marathon I started year by producing 687 BTC in January, a significant increase compared to 475 BTC in December 2022. Fred Thiel – Chairman and CEO – explained that the better results were the result of the team’s “ability to work in tandem” with the new hosting provider at McKamey. , Texas.
“We believe the improvements in our operational efficiencies, along with the proactive steps we’ve taken to strengthen our balance sheet, have put Marathon in a strong position to achieve our growth and operating goals by 2023,” he said.
The Bitcoin price surge in the first month of 2023 prompted Marathon to sell 1,500 BTC of its holdings. The funds generated will cover operating costs and will be used for general corporate purposes. This is the first time since October 2020 that the company has decided to pull some of its stock.
Its total holdings are 11,418 BTC, of which 8,090 BTC (about $190 million at current prices) is unchained. Additionally, Marathon finished the month with $133.8 million in unrestricted cash on hand.
The company aims to improve mining performance in 2023 and install about 23 exahashes of computing power by the middle of the year.
“We remain confident in our ability to scale Marathon to one of the largest and most energy-efficient Bitcoin mines globally,” he declared.
The crypto mining company, which entered the Nasdaq stock exchange in 2013, has seen its shares skyrocket over the past month. Currently, MARA is trading at around $8, up 135% from early 2023.
North account exposure
like encrypted potatoes mentioned Last December, Marathon was looking to acquire struggling data center Compute North Holdings. She hired professionals and discussed the matter with partners Guggenheim and Weil Gotshal & Manges.
Compute North was among the top marathon hosting providers, installing more than 68,000 bitcoin mining machines at its Texas wind-powered facility in the third quarter of 2022. Due to regulatory issues, 40,000 of those units remained closed.
Data Center Archived For bankruptcy protection at the end of September, while Marathon open Total exposure in excess of $80 million.
HODL Strategy After Marathon Digital Discards: Selling BTC Over Two Years After It Debuted On CryptoPotato.