Marathon Digital Sold No BTC During the Market Crash
Marathon Digital Holdings – a leading bitcoin mining company – mined 707 BTC during Q2, 2022, which is an 8% Year-Over-Year increase. More importantly, though, the firm did not sell any of its crypto stash and currently owns 10,055 BTC.
Despite the Bear Market, Marathon Kept Pushing
The latest cryptocurrency mining company to announce its quarterly results is the publicly-traded Marathon Digital Holdings (ticker symbol: MARA). During Q2 2022, it produced 707 BTC – a significant increase compared to the 654 BTC mined in Q2 2021.
According to the company’s estimations, the production levels could have been even higher if certain negative factors had not occurred during that period. For example, it had to cope with maintenance issues at the powerhouses located in Texas and a severe storm that affected the facilities in Montana.
As CryptoPotato previously reported, the weather conditions in the northern state crippled the operations of all 30,000 miners that Marathon has deployed in the area. Moreover, those account for 75% of the company’s total active fleet. The damages are expected to be partially solved during July.
“Despite the current operational challenges, we are working to capitalize on hosting opportunities and are actively engaged with various hosting providers. Ultimately, we look forward to working through this near-term friction and striving to solidify Marathon’s position as a leader in our space,” Marathon stated in its report.
Adding the 707 BTC to the equation, the entity holds 10,055 BTC, which at current prices equals around $213 million. 1,966 BTC of that total stash was mined during the first six months of 2022.
Unlike some other rivals, Marathon did not sell any of its holdings during Q2 this year. In fact, the last time it parted with some of its BTC was October 2020. It is worth noting that the company’s shares reacted positively to the news. Prior to the announcement, a single stock was worth around $6, while currently, it trades at approximately $7.
How Are the Competitors Doing?
Argo Blockchain and Riot Blockchain also disclosed their June results recently. The former mined 179 BTC last month, a significant increase compared to the 124 BTC produced in May. However, the firm had to sell 637 BTC from its total stash at an average price of around $24,500 to reduce the obligations of its loan agreement with Galaxy Digital.
Riot Blockchain produced 421 BTC and parted with 300 BTC in June. It currently sits at 6,654 BTC, worth $142 million (as of writing these lines). Due to the higher prices in New York, though, the organization started moving its infrastructure to Texas (where electricity costs are twice cheaper).
