Marathon Digital: $124M Bitcoin Holdings Increase in July
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Marathon Digital Holdings has significantly increased its Bitcoin holdings as part of its 'full HODL' strategy. In July, the company acquired 2,282 BTC, valued at over $124 million, raising its total Bitcoin reserves to 20,818 BTC, worth more than $1.14 billion.
Reflecting its belief in Bitcoin's long-term value, Marathon's strategy involves accumulating rather than selling its Bitcoin holdings. CEO Fred Thiel announced the $100 million Bitcoin purchase on X (formerly Twitter), emphasizing the company's commitment to holding BTC as a strategic treasury reserve.
The increase in Bitcoin reserves comes amid the 2024 Bitcoin halving event, which has pressured many miners to sell their Bitcoin due to reduced block rewards. Despite these challenges, Marathon remains confident in Bitcoin's potential and has increased its mining efforts, producing 692 BTC in July, a 17% month-over-month increase.
Marathon's total Bitcoin and cash holdings now stand at $1.6 billion. The company has achieved a 27% increase in block wins over the past month, solidifying its position as a leader in the Bitcoin mining industry.
CEO Fred Thiel stated that Marathon will continue to mine aggressively while managing mining economics to maximize production, even amidst global hash rate volatility and Bitcoin price fluctuations. This aligns with Marathon's long-term vision of leveraging Bitcoin as a key asset in its treasury.
Source: ultramining.com ↗
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