Crypto mining firm Marathon Digital, known for diamond-handing Bitcoin for over 2 years, finally sold 1,500 BTC in January.
The second largest publicly-listed holder of Bitcoin, crypto mining firm Marathon Digital Holdings has offloaded some of its Bitcoin for the first time in two years.posted on Feb. 2, the company disclosed it sold 1,500 BTC, worth $35.3 million at current prices, during the month., Marathon’s VP of corporate communications Charlie Schumacher explained this was not the case for Marathon.
But coming into the new year, Marathon wants to have a “war-chest” of liquidity composed of both cash and Bitcoin and is looking to continue paying down debt and increase its cash positions. Schumacher also noted that Bitcoin’s recent uptick in price contributed to the decision to sell some of its holdings.Even after the sale, Marathon managed to increase its unrestricted Bitcoin holdings in the month to 8,090 BTC .Marathon said it also had significantly ramped up Bitcoin production throughout January, producing 687 BTC which represents an increase of 45% compared to the month prior.
“The improvement in our bitcoin production was primarily a result of our team’s ability to work in tandem with the new hosting provider in McCamey, Texas, to address the maintenance and technical issues at the King Mountain data center that had suppressed our bitcoin production in the fourth quarter of 2022."
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