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Here is the great public bitcoin miner who refused to succumb to bears

Here is the great public bitcoin miner who refused to succumb to bears

In recent months, the market has seen the profitability of bitcoin miners fall to new lows. Those miners who depend on BTC obtained from their mining activities found themselves in a difficult situation as the price of bitcoin suffered. The result of this was that several miners sold their BTC holdings to raise funds to maintain their operations. However, not all bitcoin miners have achieved this.

Marathon Digital shakes the bears

Marathon Digital is one of the biggest names in public bitcoin mining. The company had been one of the winners of 2021 as its share price soared as its popularity soared. And just as the public miner enjoyed the loot that followed the bitcoin bull market in 2021, they were also under pressure during the 2022 bear market trend.

Related Reading | The Infamous Cyclicality of Bitcoin Mining: What’s Causing It?

The company now sees its competitors succumbing to market pressures and starting to sell off their holdings. However, Marathon Digital refused to give in to this selling trend. The public miner refused to sell bitcoins, as a recent report shows.

Marathon Digital has not sold BTC since 2020 and has been one of the companies to see its BTC production rate increase since 2021. The company now has a total of 10,055 BTC after producing 707 BTC through Q2 2022. an 8% increase in BTC mined over the same period last year. In total, Marathon Digital’s BTC production is up 132% with 1,966 BTC produced since the beginning of the year.

BTC price continues to struggle | Source: BTCUSD on TradingView.com

Expansion of Bitcoin mining capabilities

Marathon Digital not only does not sell its BTC, but it was also one of the only companies that was able to maintain its expansion plan during the downtrend. In its report, Marathon Digital notes that mining was down to around 6,300 miners due to a storm in Hardin, Montana. However, the company plans to add new miners to its fleet. It plans to grow this fleet to a total of 199,000 miners by the first half of 2023.

Related Reading | Inverse Bitcoin ETF Sees 300% Increase in Short-Term Interest

The company also continued to service debt with $35 million of outstanding revolving line of credit loans paid during the month of June. His outstanding balance now stands at $35 million. It also remains in a good cash position with free cash of $88.7 million. Its liquidity profile remains promising with $153.7 million of total unrestricted cash liquidity and available credit lines.

On the other hand, some big bitcoin miners had abandoned their bitcoin. One of them is Core Scientific. The public miner had sold 7,202 BTC in the month of June, more than its total BTC production for the month.

Riot Blockchain and Cathedra Bitcoin sold 250 and 235 BTC respectively. While Argo Blockchain plans to sell some of its bitcoins while running up debt to maintain operations.

Forbes Featured Image, TradingView.com Charts

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