Marathon HODLING BTC Since 2020 Despite Current Market Trends
2022.06.10 12:51
Marathon HODLING BTC Since 2020 Despite Current Market Trends
- Marathon says it has been acquiring BTC for the past two years and hasn’t sold.
- Additionally, it said that even if it will sell its BTC holdings, it wouldn’t be for a long time.
- By the end of 2022, the company expects its mining activities to be completely carbon neutral.
Marathon continues to HODL despite the current industry trend that has several miners selling their cryptocurrency holdings to assist in funding operational expenses and/or growth. The company notes that it hasn’t sold any of its Bitcoin and has been buying since October of 2020. On the 9th of June, the company’s financial statement revealed via a report that it holds exactly 9,941 BTC valued at $315.1 million.
Although, about a month ago, the world’s biggest publicly listed Bitcoin miner and hodler announced that they may contemplate selling part of their Bitcoin, but they won’t actually do so for a long time. Due to certain problems with energization in Texas and continuing maintenance at the company’s Hardin, Montana, plant, MARA produced 47% fewer bitcoins than projected in May, according to its hash rate.
MARA’s hash rate. Source: Marathon Digital
Initially, Compute North had told Marathon that its Texas mines will be energized on April 17, 2022, but that was postponed to May 2022, according to the report. Compute North’s first big location in West Texas hasn’t energized any of Marathon’s miners as of June 8, 2022, and Marathon’s energization has been delayed as Compute North’s energy supplier awaits federal government approval of its tax-exempt status based on its agreements with Compute North.
However, the company has said that they are expecting a resolution this month. In spite of adjustments made to the energization plan, Marathon’s miners have been installed in Compute North’s facilities in Texas at a rapid rate. 19,000 of Marathon’s miners, which produce around 1.9 EH/s, have already been deployed at a variety of places throughout the state of Texas.
Considering that Marathon has a backlog of prospective new storage and energy arrangements and building timelines, it plans to have all 199,000 miners, with a combined production rate of around 23.3 EH/h, be deployed and powered by early 2023. Furthermore, the company expects its mining activities to be 100% carbon neutral by the end of this year.
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