Marathon Digital Continues to Hodl All Bitcoin but Hints at Strategy Change
Dealing with a number of operational challenges, the company mined 707 bitcoin during the second quarter down sharply from the previous three months.
Jul 7, 2022 at 10:05 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/KJP46PQEAZHS5DSO4MMZSDIZPA.jpg)
Marathon Digital CEO Fred Thiel, at the Bitcoin conference in Miami (CoinDesk)
Bitcoin miner Marathon Digital (MARA) sold no bitcoin (BTC) during the second quarter, with holdings rising to 10,055 coins and a fair market value just below $200 million.
The company mined 707 bitcoin during Q2 – that's up 8% from the quarter one year ago, but down from 1,259 mined in the first quarter. At issue were "operational obstacles" including maintenance issues and a severe storm at the power-generating facility supplying the company's Hardin, Montana, rigs, and continued delays in energization for nearly 30,000 installed miners in Texas.
Marathon sold no bitcoin during Q2 – and has had no sales since October 2020 – with holdings rising to 10,055 coins and a fair market value of $198.9 million. Though engaging in no sales, the company did allow that it may sell some bitcoin in the future to fund operating costs as production increases.
Marathon also unwound its investment in NYDIG Digital Assets Fund III, – which didn't affect balance sheet holdings of 10,055 coins, it said – but did bring 4,769 bitcoin back under its own custody.
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Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.
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