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Marathon HODLING BTC Since 2020 Despite Current Market Trends -Breaking


© Reuters 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.
  • The company anticipates that its mining operations will be carbon-neutral by the end 2022.

Marathon is still holding onto its cryptocurrency, despite several miners selling it to help fund their operations and/or growth. The company notes that it hasn’t sold any of its 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. Marathon Digital

Compute North originally told Marathon that the Texas mines would be powered up on April 17, 2022. But, this was pushed back to May 20, 22 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.

But, they have stated that the company expects a solution 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.

Marathon currently has an inventory of potential energy storage options and construction timelines. The company plans to get all 199,000 of its miners operational and running by the beginning of 2023, with a combined production rate at around 23.3 EH/h. The company also expects to have its mining operations 100% carbon-neutral by the end this year.

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