The mining company Marathon Digital sold 1,500 BTC in January to cover part of its costs.
$MARA‘s January Production Update is here:
⛏️ 🔼 Prod. a Record 687 BTC in Jan
⛏️ 🔼 45% Increase From Prior Month💵 🔼 Unrestricted Cash to $133.8M
🔶 🔼 Unrestricted BTC to 8,090 BTCRead the full report here: https://t.co/QFool6SNWe
— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) February 2, 2023
As bitcoin mining grows and becomes more stable, we have made a strategic decision to sell part of our coins, as planned earlier, to cover some of our operating costs and pursue corporate goals,” said the company’s CEO Fred Til.
According to him, Marathon Digital will continue selling digital gold this year “to fund monthly operating expenses”.
“In total, the firm holds 11,418 BTC, of which about 8,090 BTC ($187.2 million) are unrestricted in use,” the press release said.
Marathon Digital is one of the largest holders of the leading cryptocurrency among public companies, second only to MicroStrategy. Among Bitcoin whales, the firm’s competitors also include Hut 8 and Riot Blockchain.
Sell-side pressure from miners did not stop Bitcoin’s rebound at the start of the year. In January, the price of the leading cryptocurrency rose by about 40%. At the time of writing, the asset was trading around $23,460.
Earlier ForkLog reported that at the end of last year Marathon Digital was able to reduce losses to $75.4 million.