Marathon Digital Holdings, the titan of Bitcoin mining, has steadfastly held onto its Bitcoin assets over the last month. In the face of a persistent downturn in Bitcoin (BTC) value, Marathon Digital has maintained its entire Bitcoin cache.
By June’s end, the firm’s Bitcoin reserves amounted to 18,536 BTC, valued at upwards of $1.1 billion, as revealed in the company’s operations report released on July 3.
The mining behemoth has expressed its intention to bolster its Bitcoin reserves by acquiring more BTC on the open market and exploring additional avenues to augment its Bitcoin yield. Yet, it has also acknowledged the possibility of liquidating a portion of its Bitcoin holdings in the future:
Key operational insights. Courtesy of Marathon Digital Holdings
The selling trends of major Bitcoin stakeholders, such as mining corporations, can significantly sway Bitcoin’s market value. This is particularly pertinent in light of the 2024 Bitcoin halving event, which is likely prompting miners to offload more Bitcoin as block rewards diminish.
With a valuation exceeding $6.25 billion, Marathon stands as the preeminent Bitcoin mining enterprise globally, eclipsing its nearest rival, CleanSpark, by 62%. CleanSpark boasts a market capitalization of $3.85 billion, as per data from CompaniesMarketCap.
Global leaders in Bitcoin mining. Source: CompaniesMarketCap
In other news:
The German government has moved an additional $52 million in Bitcoin, potentially exerting further selling pressure on BTC.
Marathon Digital has seen its operational hashrate surge to 26.3 exahashes (EH/s) in June, doubling from the previous year. This growth is largely attributed to enhancements at the Ellendale facility, which reached full operational status at the start of July, as stated by Fred Thiel, CEO and chairman of Marathon Digital.
Thiel commented on the expansion, which aligns with the company’s goal of hitting 50 EH/s by the close of 2024.
In related developments:
Bitcoin ETFs have played a pivotal role in legitimizing the cryptocurrency sector for investors, according to Storm Partners.
The role of Bitcoin mining in the global energy shift is gaining recognition, with more entities taking interest following Marathon’s initiation of a pilot project that provides heating for a Finnish town of 11,000 inhabitants.
Attribution: Marathon Digital
The 2-megawatt pilot scheme, situated in Finland’s Satakunta region, employs a “district heating” technique. This system centrally warms water and circulates it via a subterranean pipeline network to heat residential buildings.
This approach could emerge as a sustainable heating solution, given that Bitcoin mining apparatuses generate considerable surplus heat.
According to Thiel of Marathon Digital, Bitcoin mining-derived heating solutions have the potential to cut carbon emissions and lower heating expenses in the years ahead.
Exploring the concept of domestic Bitcoin mining — Is it the right time to begin? As reported by Cointelegraph Magazine.
Additionally:
VanEck has submitted a proposal for a Solana ETF, Ether’s supply is on the rise, and more: Hodler’s Digest, June 23–29.