Marathon Digital Bucks The Bitcoin Miner Selling Trend Despite Energization Challenges ⋆ ZyCrypto

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The crypto markets have been moving in a lackluster manner for several months. Different industry participants are bracing for a crypto winter, and Bitcoin miners notorious for holding on to their Bitcoin rewards are being forced to sell to keep the lights on.

However, Bitcoin mining firm Marathon Digital Holding maintains its diamond hands and refuses to sell.

Marathon Continues To Hold, Despite Energization Issues And A Poor Return In May

Marathon, for now, looks to be in it for the long haul. The company stated in a press release on Thursday that it was yet to sell any of its Bitcoin mined. As per the statement, the firm has not sold any of its Bitcoin mining rewards since October 2020, stating that at the beginning of June, it held roughly 9,941 BTC, including some Bitcoin it purchased at the beginning of last year.

It is worth noting that the firm, like several other Bitcoin miners, had stated that it might have to sell its holdings, but it appears it is still holding off on that possibility. Notably, Bitcoin mining profitability has dropped to mid-2020 lows.

Moreover, Marathon faced significant energization hiccups in May at its Hardin, Montana, facility in Texas. Electrical power to the facility from IT service company Compute North has been subject to several delays, with energization now expected in June. Consequently, the facility peaked at 53% of its full Bitcoin mining potential, considering the network’s hash rate in May. Despite these issues, the firm has continued to install new miners at the facility, bumping the number of miners to 19,000, representing approximately 1.9 EH/s.

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“While these delays have been disappointing, our current understanding is that miners should start to come online this month. We continue to work closely and actively engage with Compute North to gain more insight into the energy provider’s timeline and to…

Read more at zycrypto.com

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