Bitcoin

April

Recent <a href="https://ir.mara.com/news-events/press-releases/detail/1333/marathon-digital-holdings-reports-third-quarter-2023-results" target="_blank" rel="noopener nofollow">reports</a> from the Bitcoin mining firm <a href="https://bitcoinist.com/bitcoin-mining-marathon-reports-228-revenue-boost/" target="_blank" rel="noopener ">Marathon Digital Holdings</a> have revealed the firm’s latest strategies in advance of the forthcoming Bitcoin Halving event which is expected to take place in April 2024. 
<h2 id="latest-approach-prior-to-bitcoin-halving">Latest Approach Prior To Bitcoin Halving</h2> 
According to the press report, Marathon is embracing an International joint venture model as its latest strategy to keep up its <a href="https://ir.mara.com/news-events/press-releases/detail/1332/marathon-digital-holdings-continues-international-expansion" target="_blank" rel="noopener nofollow">expansion</a> – a method that the firm perceives as a means of reorienting its strategies prior to the forthcoming <a href="https://www.newsbtc.com/news/bitcoin/when-is-the-next-btc-halving-date-bitcoin-halving-guide/" target="_blank" rel="noopener nofollow">Bitcoin halving.</a> 
The firm also added a 30% expansion which will be accomplished by building additional facilities in Paraguay and Abu Dhabi. This is because Marathon has become weary of the costly overhead and ongoing energization delays of its US plants. 
Marathon’s shift toward diversifying and cutting expenses with its entrance into renewable-powered <a href="https://bitcoinist.com/gomining-the-new-method-of-bitcoin-mining/">Bitcoin mining</a> in Paraguay marks a pivotal move by the firm, and this comes after a successful endeavor in Abu Dhabi. 
With the latest move, Marathon might eventually become the most regionally diverse miner and gradually reduce manufacturing costs over time. In addition, with its current hash rate of 19.2 EH/s (exahashes per second) online, the firm is the largest publicly traded miner. 
Currently, at 428 EH/s, the Bitcoin network’s daily average hash rate is almost at its all-time high. As a result of this, adversary miners pursuing the next block are under more pressure. 
Furthermore, Marathon possesses 13,396 BTC, now worth $474 million. This makes it the largest public miner by Bitcoin-owned (held amounts alone, not inclusive of internalized transfers). 
The report also revealed that the firm increased its hash rate from 7 EH/s this time last year by 467% this year, resulting in a rise in <a href="https://bitcoinist.com/bitcoin-price-down-36200/" target="_blank" rel="noopener ">Bitcoin</a> creation. Due to this, Marathon amassed 3,490 BTC over the past year. 
While the firm’s cost structure may have improved over time, it is still comparatively expensive when compared to its rivals. Following the halving, this might cause Marathon to experience a decline in its profit margin if the price of BTC slips below $30,000. 
<h2 id="jpmorgan-on-bitcoin-hash-rate">JPMorgan On Bitcoin Hash Rate</h2> 
In October, financial giant JPMorgan predicted a <a href="https://www.newsbtc.com/news/bitcoin/jpmorgan-drop-bitcoin-metric/" target="_blank" rel="noopener nofollow">potential decline in the Bitcoin network hash rate</a>.&nbsp; According to the firm, the network hash rate will drop by 20% at the upcoming halving in April 2024. 
“We estimate as much as 80 EH/s (or 20% of the network hash rate) could be removed at the next halving (April ‘24) as less-efficient hardware is decommissioned,” the firm stated. 
The firm’s prediction was due to the total four-year block reward opportunity estimated at $20 billion, which was 72% lower than its all-time high of $73 billion in April 2021. This figure has since wavered between $14 billion and $25 billion over the past year. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/ERsNlZVB/" alt="Bitcoin" width="2301" height="1546">

Bitcoin Halving: Marathon Uncovers New Strategy Beforehand

Table of Contents

Bitcoinist

Other articles published on Nov 15, 2023

Commerzbank Granted Crypto Custody License!

Kakarot Takes Vital Step

CME Surpasses Binance to Claim Dominance in Bitcoin Futures Trading

How This Smart Ethereum Whale Earned Over $14 Million in ETH Without Always Buying Low and Sellin...

Legendary Boxer and Shibarium Partner to Elevate Transparent Philanthropy

Showmax set to relaunch in Feb 2024 with Showmax Premier League and more

Join our free newsletter for daily crypto updates!