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Over the final a number of months, the market has watched bitcoin miner profitability plummet to new lows. These miners who’re depending on the BTC gotten from their mining actions have discovered themselves in a decent spot as the worth of bitcoin has suffered. The results of this has been a number of miners promoting off their BTC holdings to lift cash to maintain their operations going. However, not the entire bitcoin miners have resulted on this.

Marathon Digital Shakes Off Bears

Marathon Digital is likely one of the most distinguished names with regards to public bitcoin mining. The firm had been one of many winners of 2021 given how its inventory worth rose as its reputation skyrocketed. And simply as how the general public miner had loved the spoils that adopted the 2021 bitcoin bull market, it has additionally come underneath strain in the course of the bear market development of 2022.

Related Reading | The Infamous Cyclicality Of Bitcoin Mining: What Causes This?

The firm is now seeing rivals succumb to the market pressures and start promoting off their holdings. However, Marathon Digital has refused to offer in to this development of promoting. The public miner has refused to promote any bitcoin as proven in a latest report.

Marathon Digital has not bought any BTC since 2020 and had been one of many corporations to see its BTC manufacturing fee go up in comparison with 2021. The firm now holds a complete of 10,055 BTC after producing 707 BTC by means of the second quarter of 2022. Accounting for an 8% enhance in BTC mined in the identical time interval final yr. In whole, Marathon Digital’s BTC manufacturing is up 132% with 1,966 BTC produced year-to-date.

BTC worth continues to wrestle | Source: BTCUSD on TradingView.com

Expanding Bitcoin Mining Capabilities

Not solely is Marathon Digital not promoting its BTC nevertheless it has additionally been one of many solely corporations which have been capable of follow its enlargement plan by means of the downtrend. In its report, Marathon Digital highlights that operation had been lowered to about 6,300 miners on account of a storm in Hardin, MT. However, the corporate plans so as to add new miners to its fleet. It plans to develop this fleet to a complete of 199,000 miners by the primary half of 2023.

Related Reading | Inverse Bitcoin ETF Sees 300% Increase In Short Interest

The firm has additionally continued to repay debt with $35 million of excellent revolving credit score line borrowings paid off in the course of the month of June. Its excellent steadiness is now sitting at $35 million. It additionally stays in a superb money movement place with a reported $88.7 million in money readily available. Its liquidity profile stays promising with $153.7 million in whole liquidity in unrestricted money and out there credit score services.

On the flip aspect of this, some main bitcoin miners had been dumping their bitcoin. One of those is Core Scientific. The public miner had sold off 7,202 BTC in the month of June, greater than its whole BTC manufacturing for the month.

Riot Blockchain and Cathedra Bitcoin have bought 250 and 235 BTC respectively. While Argo Blockchain plans to promote a few of its bitcoin alongside elevating debt to maintain its operations going.

Featured picture from Forbes, charts from TradingView.com

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