Marathon Digital Holdings, recognized as the titan of Bitcoin mining, has maintained its Bitcoin reserves intact over the previous month. In the face of a persistent downturn that has plagued Bitcoin (BTC) for more than four weeks, Marathon Digital has opted not to liquidate any portion of its Bitcoin assets.
By June’s end, the firm’s Bitcoin treasury boasted 18,536 units, valued north 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 BTC on the open market and exploring additional avenues to augment its Bitcoin yield. Nevertheless, it has also acknowledged the possibility of future Bitcoin sales:
**Snapshot of Operations**. Courtesy of Marathon Digital Holdings
The selling trends of Bitcoin by prominent 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 could compel miners to increase their Bitcoin sales due to the halving of block rewards.
With a valuation exceeding $6.25 billion, Marathon stands as the preeminent Bitcoin mining enterprise globally, outpacing its nearest rival, CleanSpark, by 62%. CleanSpark’s market valuation is pegged at $3.85 billion, as per data from CompaniesMarketCap.
**Global Bitcoin Mining Powerhouses**. Data Source: CompaniesMarketCap
In related news:
The German government has executed another Bitcoin transaction worth $52 million, potentially exerting additional selling pressure on Bitcoin.
Marathon Digital has seen its operational hash rate soar, with ambitions to hit 50 EH/s by the close of 2024.
In a year-over-year comparison, Marathon Digital has successfully doubled its operational hash rate to 26.3 exahashes (EH/s) as of June. This surge is largely attributed to enhancements at the Ellendale facility, which achieved full operational status in early July, as stated by Fred Thiel, CEO and Chairman of Marathon Digital.
Thiel remarked:
The company’s growth trajectory aligns with its objective to reach a hash rate of 50EH/s by the culmination of 2024, as per Thiel’s statement.
Additionally:
Bitcoin ETFs have played a pivotal role in legitimizing the cryptocurrency sector for investors, according to Storm Partners.
The utilization of Bitcoin mining for heating is gaining traction as a sustainable energy solution, with more entities taking interest following Marathon’s initiation of a pilot project in Finland.
**Finland’s Bitcoin Mining Pilot Initiative**. Source: Marathon Digital
The pilot project, with a capacity of two megawatts, is situated in Finland’s Satakunte region. It employs a “district heating” technique, which centrally warms water and circulates it via a subterranean network to heat residential buildings.
This approach could emerge as a sustainable heating solution for the future, given that Bitcoin mining equipment generates considerable surplus heat.
According to Thiel of Marathon Digital, Bitcoin mining-based heating systems have the potential to lower carbon emissions and diminish future heating expenses.
In the realm of Bitcoin mining:
Is it time to consider mining Bitcoin from the comfort of your home? A discussion presented by Cointelegraph Magazine.
In other developments:
VanEck has submitted an application for a Solana ETF, Ether’s supply experiences inflation, and more, as detailed in Hodler’s Digest for the week of June 23–29.