Over the last several months, the market has watched bitcoin miner profitability plummet to new lows. These miners who are dependent on the BTC gotten from their mining activities have found themselves in a tight spot as the price of bitcoin has suffered. The result of this has been multiple miners selling off their BTC holdings to raise money to keep their operations going. However, not all of the bitcoin miners have resulted in this.
Marathon Digital is one of the most prominent names when it comes to public bitcoin mining. The company had been one of the winners of 2021 given how its stock price rose as its popularity skyrocketed. And just as how the public miner had enjoyed the spoils that followed the 2021 bitcoin bull market, it has also come under pressure during the bear market trend of 2022.
Related Reading | The Infamous Cyclicality Of Bitcoin Mining: What Causes This?
The company is now seeing competitors succumb to the market pressures and begin selling off their holdings. However, Marathon Digital has refused to give in to this trend of selling. The public miner has refused to sell any bitcoin as shown in a recent report.
Marathon Digital has not sold any BTC since 2020 and had been one of the companies to see its BTC production rate go up compared to 2021. The company now holds a total of 10,055 BTC after producing 707 BTC through the second quarter of 2022. Accounting for an 8% increase in BTC mined in the same time period last year. In total, Marathon Digital’s BTC production is up 132% with 1,966 BTC produced year-to-date.
BTC price continues to struggle | Source: BTCUSD on TradingView.com
Not only is Marathon Digital not selling its BTC but it has also been one of the only companies that have been able to stick to its expansion plan through the downtrend. In its report, Marathon Digital highlights that operation had been reduced to about 6,300 miners due to a storm in Hardin, MT. However, the company plans to add new miners to its fleet. It plans to grow this fleet to a total of 199,000 miners by the first half of 2023.
Related Reading | Inverse Bitcoin ETF Sees 300% Increase In Short Interest
The company has also continued to repay debt with $35 million of outstanding revolving credit line borrowings paid off during the month of June. Its outstanding balance is now sitting at $35 million. It also remains in a good cash flow position with a reported $88.7 million in cash on hand. Its liquidity profile remains promising with $153.7 million in total liquidity in unrestricted cash and available credit facilities.
On the flip side of this, some major bitcoin miners had been dumping their bitcoin. One of these is Core Scientific. The public miner had sold off 7,202 BTC in the month of June, more than its total BTC production for the month.
Riot Blockchain and Cathedra Bitcoin have sold 250 and 235 BTC respectively. While Argo Blockchain plans to sell some of its bitcoin alongside raising debt to keep its operations going.
Featured image from Forbes, charts from TradingView.com
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
Zeebit, a new decentralised casino on the Solana blockchain, offers transparent, provably fair games with quick, borderless transactions and no need for intermediaries. Despite its innovative approach and strong partnerships, its success will depend on overcoming network challenges and the anonymous nature of its team.
WeatherlyVice President Kamala Harris received a culturally significant endorsement from pop star Charli XCX, responding in a way that resonated online. With younger voters crucial in the 2024 election, is Harris aiming to appeal to Gen Z?
KikyoWong Cheung-kit, known as "Coin Young Master," and his associate Mok Tsun-ting face charges related to cryptocurrency scams, including fraud, theft, and money laundering. They are wanted by Interpol for allegedly defrauding investors through a fraudulent mining machine scheme and promoting the failed JPEX exchange, which resulted in significant financial losses.
AnaisMonkeyBit completed a $2 million seed funding round and launched a global ambassador recruitment programme this month. Aiming to build the next Web3 social amusement ecosystem, MonkeyBit plans to release its $MONK token in Q3. Will you go bananas for these monkeys?
CatherineRootData, founded by Pan Yubo and Quan Yu, is transforming Web3 navigation with its comprehensive database of over 13,000 projects and real-time data integration. Recently, they secured $1.25 million in funding and partnered with OKX Wallet to enhance user access and decision-making.
WeatherlyIn just one month after its launch, Yescoin has attracted over 18 million players globally. Partnering with TON, Yescoin hints at the launch of a potential token, $YES, with excitement building around possible listing on major exchanges.
KikyoOpenAI's new SearchGPT combines AI with real-time web data to provide quick, accurate answers with source links. Currently in prototype testing, it aims to make finding information faster and more efficient, challenging Google's dominance and adding to the evolving AI search competition.
AnaisUsual, the RWA stablecoin protocol, announced the public launch of its mainnet with its native stablecoin, USD0, on 10 July. Since then, USD0's market cap has surged from $74.5 million to almost $130 million, placing it among the top 15 stablecoins.
CatherineOptopia is an AI-driven Layer 2 network that simplifies blockchain use by offering low fees and fast transactions, integrating seamlessly with Ethereum. Its innovative approach includes creating "intents" for AI agents to execute and using its $OPAI token to reward users, developers, and AI participants.
WeatherlyTrump outlined his crypto policies at the Bitcoin 2024 Conference, including creating a national Bitcoin stockpile; dismissing SEC Chair Gary Gensler; dissing Kamala Harris; pledging to commute the sentence of Silk Road’s Founder; and more. BTC price boomed but is now nearing $70,000, just 6% from its ATH.
Kikyo