Marathon Digital, giant of Bitcoin mining has shown incredibly strong hands through the bearish market, having to sell the Bitcoin ever from Oct 2020. Here, company revealed about the finances as well as the recent status in the production. They even provides update of mining operation. Instead of broader BTC miner evacuation, Marathon confirms that it produces almost 707 BTC in second quarter of the year 2022. This is almost an increase of about 8% from second quarter of the year 2021.
It was even revealing that company holds about 10,055 BTC, it is worth the estimated $222.5 million for the current rates. It is not sold for assets from October 2020. However, CEO and Marathon chairman confirms that the company continued working through various operational obstacles that we progress with the installing miners in preparation for energization.
Drop in the Bitcoin Production
Hereby the Production drop in June to almost 140 BTC, this is the lowest month from March 2021. This dip is cause through the severe storm which has passed through Texas, Hardin. The event of weather was damage power for generating this facility. Thereby, leaving the 30,000 Marathon miners in region devoid of power.
It is definitely one of few mining companies which have battled in bear market devoid of powering down and even selling assets. As per the analysis, various publicly listed companies of mining have sold 100% of the complete output before this year. This research even noted that Marathon possess most of the cash outflows. Mainly for the payment of remaining machine during the year. Though, the fact is that it has quite healthy set of balance sheet.
The On-chain analytics service provider has reported about Bitcoin miners. It get back in the accumulation mode subsequent to several months of the heavy selling. Here, change in the net position for miners is almost back in green once again.
On the other hand, the balance of miners’ BTC has reached one month low of almost 1.8 million. This asset also made some gain of almost 7.9% on day enabling to simply reclaim price level of $22K price during trading session.