Bitcoin

AI Crypto

Fetch

Optimism

<a href="https://www.mara.com/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Marathon Digital Holdings</a>, the world’s largest Bitcoin mining company, has not sold any of its Bitcoin holdings over the past month despite a prolonged downtrend in Bitcoin prices.
According to the company’s operations report published on July 3, Marathon held 18,536 BTC worth over $1.1 billion as of June.
Marathon aims to strengthen its Bitcoin reserves through market purchases and other strategies to boost its Bitcoin yield. However, the firm noted that it might sell some of its Bitcoin in the future:
“MARA opted not to sell any bitcoin in June.
“The Company still intends to sell a portion of its bitcoin holdings in future periods to support monthly operations, manage its treasury, and for general corporate purposes.”
The selling patterns of major Bitcoin holders, including mining firms, can significantly impact Bitcoin’s price.
The upcoming 2024 Bitcoin halving, which will reduce block rewards by half, might compel miners to sell more Bitcoin.
Marathon Digital, valued at over $6.25 billion, surpasses CleanSpark, the second-largest Bitcoin mining firm with a market capitalization of $3.85 billion, by 62%.
Marathon Digital has doubled its operational hashrate to 26.3 exahashes (EH/s) in June, thanks primarily to improvements at its Ellendale facility, which became fully operational in early July.
CEO and chairman Fred Thiel stated:
“Our proprietary mining pool outperformed, capturing 158 blocks during the month, a 10% increase over last year.”
Marathon’s goal is to achieve a hashrate of 50 EH/s by the end of 2024.
READ MORE: <a href="https://www.cryptointelligence.co.uk/fetch-ai-price-prediction-major-surge-anticipated-amid-ai-crypto-merger-and-market-optimism/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Fetch AI Price Prediction: Major Surge Anticipated Amid AI Crypto Merger and Market Optimism</a>
Thiel highlighted the optimization of new sites with immersion cooling technology and the latest hardware, affirming the company’s path to meet this target:
“Domestically, our team continues to optimize our recently acquired sites with immersion cooling technology and the latest generation hardware.
“With these advancements and the expansion of our fleet, we remain on track to reach our target of 50 EH/s by the end of this year.”
Marathon is also pioneering the use of Bitcoin mining for renewable heating. In Finland’s Satakunta region, Marathon launched a 2-megawatt pilot project utilizing “district heating” to warm a town of 11,000 residents.
This method leverages the excess heat produced by mining rigs, offering a sustainable and cost-effective heating solution.
Thiel emphasized the benefits of integrating digital asset compute with district heating, which could reduce carbon emissions, lower costs, and minimize waste heat.
Marathon aims to expand its global presence and support the energy transformation through such innovative projects:
“Integrating digital asset compute with district heating can reduce carbon emissions, lower costs, and minimize waste heat, leading to enhanced sustainability and economic savings for both industries and end-users.
“We look forward to expanding our global presence as a leader in leveraging digital asset compute to support the energy transformation.”
To submit a <a href="https://www.cryptointelligence.co.uk/category/press-releases/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto press release (PR)</a>, send an email to <a href="mailto:sales@cryptointelligence.co.uk" rel="noopener noreferrer nofollow">sales@cryptointelligence.co.uk</a>.

Marathon Digital Holds Steady Amid Bitcoin Downtrend, Advances Mining Operations and Renewable Heating Initiatives

Crypto Intelligence

Other articles published on Jul 4, 2024

Bitcoin Cash Hashrate Rises Unexpectedly

South Korea Launches Real-Time Crypto Surveillance System

Shiba Inu Futures: Everything You Need to Know

Insider trading allegations hit Khamzat Chimaev’s Smash token

Double-Digit Losses Hit Meme Coin Index Amid Bearish Crypto Sentiment

Solana ETF Launch Tied To 2024 Presidential Election, VanEck Research Head Explains

Join our free newsletter for daily crypto updates!