Bitcoin saw a strong start to 2023, with a gain of more than 40% in its first month. This was also the second-largest gain in January in a decade, after 2023.
Marathon digital, a Bitcoin mining giant, continued to sell its BTC holdings as the price of Bitcoin rose to $23,000 and above. This was in order to finance its operations costs. According to reports, Marathon sold 1500 BTC last month.
Marathon Digital saw a 45% increase of the number of Bitcoins mined, in addition to the rise in BTC prices. The Bitcoin miner produced 687 BTC last month, an increase of 475 BTC in December 2022.
Marathon Digital was one of few crypto miners that had not sold during the crypto market crash in 2022. Crypto miners found it difficult to continue their operations after Bitcoin crashed more than 60% last year. Several large Bitcoin miners were forced to close their doors and eventually filed for bankruptcy.
Marathon Digital Holdings (NASDAQ : MARA) stock price has risen by an incredible 135% in the past month and is currently trading at $8.00
Marathon Digital to Sell More Bitcoin in the Future
The company plans to liquidate more Bitcoins in the future as Bitcoin production increases and becomes more consistent. This will help cover operating expenses. Marathon Digital made the following statement in its official announcement:
“We plan to continue to sell a portion our bitcoin holdings in 2023, to fund monthly operating expenses. Our unrestricted bitcoin holdings rose from 7,815 bitcoin on December 31, 2022 to 8,090 bitcoin on January 31, 2023 due to an increase in production and a decrease in the amount of bitcoin that we had posted as collateral.
Marathon Digital stated that it will continue to focus on energizing more miner and optimizing their performance this year. Maraton’s balance sheet will be strengthened by these improvements in operational efficiency.
Marathon stated that the company’s increase in BTC production last month was due to working with McCamey, Texas’s new hosting provider. It will be interesting for Bitcoin miners around the world to see how 2023 turns out.
The first CoinGape article was Bitcoin Miner Marathon Digital Sold 2x more Bitcoin Than Minted in January