Marathon Digital Holdings, the largest Bitcoin mining company in the world, has chosen to hold onto all of its Bitcoin holdings despite the recent downtrend in the market. In June, the company reported that it held a total of 18,536 BTC, valued at over $1.1 billion. Marathon Digital plans to continue strengthening its Bitcoin holdings through open market purchases and exploring other opportunities for increasing its Bitcoin yield. However, it also noted that it may sell some of its BTC in the future.
The selling patterns of large Bitcoin holders, such as mining firms, can have a significant impact on the price of Bitcoin, especially considering the upcoming 2024 Bitcoin halving, which may lead to increased selling pressure from miners due to reduced block rewards.
Marathon Digital, valued at over $6.25 billion, holds the top position in the Bitcoin mining industry, surpassing its closest competitor, CleanSpark, by 62%. CleanSpark currently has a market capitalization of $3.85 billion.
Marathon Digital has achieved significant growth in its operational hashrate, doubling it year-over-year to 26.3 exahashes (EH/s) in June. This increase is primarily attributed to improvements in the Ellendale facility, which became fully operational at the beginning of July. The company aims to reach a hashrate of 50 EH/s by the end of 2024.
In addition to its mining operations, Marathon Digital has also launched a pilot project in Finland that utilizes Bitcoin mining to provide heating for a town of 11,000 residents. The project utilizes a method called “district heating,” which distributes centrally heated water through an underground network of pipes to heat homes. This innovative approach not only reduces carbon emissions but also has the potential to lower heating costs in the future.
Overall, Marathon Digital Holdings remains committed to its Bitcoin holdings, actively working to increase its position in the market while also exploring new opportunities to leverage Bitcoin mining for sustainable solutions.