2024

Bitcoin

Marathon Digital Holdings, Inc. is eyeing another Bitcoin (BTC) selloff after it sold 704 BTC, which is 38% of its December production, to cover operating expenses. With a total of 15,174 BTC in its holdings and significant cash reserves, the company maintains a focus on enhancing liquidity in anticipation of the next Bitcoin network halving. 
<h2 id="marathon-s-december-btc-production">Marathon’s December BTC Production</h2> 
In a recent <a rel="nofollow" href="https://ir.mara.com/news-events/press-releases/detail/1337/marathon-digital-holdings-announces-bitcoin-production-and" target="_blank">release</a>, the company announced that it achieved record BTC production in December, mining 1,853 BTC, marking a substantial 56% increase from November 2023 and an impressive 290% surge year-over-year. Out of this, 704 BTC tokens were sold in December 2023 to cover operating expenses. Considering the average BTC closing price of $42,546 in December 2023, the sale value shouldn’t be less than $30 million. 
As Marathon prepares for another BTC selloff, it is expected to close the acquisition of two sites from Generate Capital in January 2024 for approximately $178.6 million. Marathon’s Chairman and CEO, Fred Thiel, outlined the company’s vision for 2024, targeting a 30% growth in energized hash rate and aiming to reach 50 exahashes within the next 18 to 24 months. 
Also Read: <a href="https://coingape.com/over-200k-bitcoin-worth-9-bln-on-move-causes-panic-what-happening/" target="_blank" rel="noopener">Over 200K Bitcoins Worth $9 Bln On Move Causes Panic, What’s Happening?</a> 
Whilst, international expansion is underway, with progress reported in Abu Dhabi and a joint venture in Paraguay. Moreover, Marathon’s MaraPool witnessed a significant surge in transaction fee collection. In December 2023, MaraPool collected over 380 BTC in transaction fees, representing 22% of BTC production. This indicates a rise year-over-year as transaction fee collection was 12% of the production last year. 
<h2 id="bitcoin-price-surge-and-pullback">Bitcoin Price Surge And Pullback</h2> 
The <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">Bitcoin price</a> surged by 9% since January 1, 2024, and attained a high of $45,899.71 before crashing below the $43,000 mark. However, the crypto’s value rebounded in today’s trading session. As of writing, the BTC price was up by 2.40% as it traded at $43,378.42 on Thursday, January 4, 2024. 
Currently, it has a market cap of $850.96 billion, indicating an increase of 2.44%. However, the 24-hour trade volume of the crypto slumped by 25.67% to $31.86 billion. Owing to the recent recovery, the 1-month gains amount to nearly 5%. Whilst, in the past month the crypto added about 2% to its value. 
Earlier, <a href="https://coingape.com/top-analyst-expects-bitcoin-price-to-hit-50000-before-40-correction/" target="_blank" rel="noopener">Coingape</a> reported that Ali Martinez, a renowned crypto analyst, warned against a similar surge and pullback trend in future. In a post on X, he stated that he predicted Bitcoin to hit $50,000 soon. However, he also noted that the bullish rally could be followed by a pullback. Martinez suggested that BTC could experience a 40% correction in price after climbing to $50,000. 
Also Read: <a href="https://coingape.com/the-us-govt-holds-more-bitcoins-than-microstrategy-major-selling-in-2-months/" target="_blank" rel="noopener">The US Govt. Holds More Bitcoins Than MicroStrategy, Major Selling In 2 Months</a> 
The post <a href="https://coingape.com/marathon-eyes-another-bitcoin-selloff-after-704-btc-sale-in-dec/">Marathon Eyes Another Bitcoin Selloff After 704 BTC Sale in Dec</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Marathon Eyes Another Bitcoin Selloff After 704 BTC Sale in Dec

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