Marathon Digital didn’t sell any BTC during the recent market crash while it mined 707 BTC during the Q2 of this year so let’s read more today in our latest Bitcoin news.
Marathon Digital didn’t sell any BTC during the market crash and mined 707 BTC which is an 8% year-over-year increase. The company didn’t sell any of its crypto stashes and now owns 10,055 BTC. The latest crypto mining company to announce its quarterly results is Marathon Digital Holdings and in the second quarter, it produced 707 BTC as a significant imncrease compared to the preivous 654 BTC mined in Q1 2021. accoridng to the company estimations, the production levels were higher if certain negative factors didn’t happen in the same period. For example, it had to cope with the maintenance issues at the Texas powerhouse and the storms that affected the facilities in Montana.
The weather conditions in the northern state crippled the operations of 30,000 miners that Marathon deployed and moreover, those account for 75% of the total active fleet of the company so they are expected to be solved in July:
“Despite the current operational challenges, we are working to capitalize on hosting opportunities and are actively engaged with various hosting providers. Ultimately, we look forward to working through this near-term friction and striving to solidify Marathon’s position as a leader in our space.”
Adding the 707 BTC to the equation, the entity holds 10,055 BTC which at current prices hits $213 million and 1966 BTC of the total stash was mined during the first six months of the year. Unlike other rivals, Marathon didn’t sell any of its holdings in the second quarter and the last time that it parted with some of its stashes was actually in 2022. it is worth noting that the company’s shares reacted positively to the news and before the announcement, the single stock was worth around $6 while now it trades for $7.
Argo Blockchain and Riot Blockchain disclosed their results as well. The former mined 179 BTC last month which is a huge increase compared to the 124 BTC but the company had to sell 637 BTC from the total stash at a price of $24,500 to reduce the obligations of the loan agreement with Galaxy Digital. Riot Blockchain produced 421 and parted with 300 a month ago. It now sits at 6654 BTC worth $142 million.
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