Marathon Digital reported a 45% increase in the total number of Bitcoins mined.
The firm was among the very few miners that held off on selling during crypto winter.
Bitcoin soared by over 40% in the first month of 2023, off to a fantastic start for the year. This was also the second-largest increase for the month of January in the last decade. For operational purposes, Bitcoin mining firm Marathon digital has been selling its BTC holdings as the price of Bitcoin has risen to above $23,000. It has been reported that last month Marathon sold a total of 1500 BTC.
Marathon Digital reported a 45% increase in the total number of Bitcoins mined in tandem with the rise in the BTC price. The Bitcoin miner minted 687 BTC last month, which is an increase over the 475 BTC it minted in December 2022.
Tough Phase of Miners Seems Ending
When the cryptocurrency market crashed in 2022, Marathon Digital was among the very few miners that held off on selling. Cryptocurrency miners faced severe difficulties last year as the price of Bitcoin dropped by more than 60% and energy prices skyrocketed. As a consequence, several prominent Bitcoin miners were forced to shut down, and some even declared bankruptcy.
Marathon Digital noted:
“We intend to continue to sell a portion of our bitcoin holdings in 2023 to fund monthly operating costs. Even with these sales, our unrestricted bitcoin holdings increased from 7,815 bitcoin as of December 31, 2022, to 8,090 bitcoin as of January 31, 2023, as our production improved and the appreciation in bitcoin’s price in January reduced the amount of bitcoin we had posted as collateral”.
Marathon Digital Holdings stock has surged 135% in the past month to $8.00. The firm plans to liquidate more Bitcoins in the future to meet its operating expenditures as Bitcoin production rises and becomes more constant.