Marathon Digital Continues to Hodl All Bitcoin, but Hints at Strategy Change

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.

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 Q2 one year ago, but down from 1,259 mined in Q1. At issue were “operational obstacles” including maintenance issues and a severe storm at the power-generating facility supplying the company’s Hardin, MT 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 ramps.

Marathon also unwound its investment in NYDIG Digital Assets Fund III, – which didn’t affect balance sheet holdings of 10,055 coins – but did bring 4,769 bitcoin back under its own custody.

This article was originally published on coindesk.com

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