Monday, July 22, 2024

Despite the recent drop in the price of Bitcoin, Marathon Digital continues to mine.

In the first half of this month, Marathon announced that it has been holding or accumulating its BTC (Bitcoin) reserves since the month of October in 2020.

On June 1, 2022 it was revealed that Marathon has managed to accumulate over 9,941 Bitcoins.

In a time when average miners are suffering losses from their investment in Bitcoin, Marathon Digital Holdings continues to stock up on the digital asset.

Why Marathon Continues to Stock Up on BTC

The vice president of Marathon’s Corporate Communications, Charlie Schumacher, issued a statement regarding the issue. According to Schumacher, Marathon Digital Holdings is in a good position to survive the current bearish market trend.

He agrees that his company is not invulnerable to the macro environment. But at the same time, Marathon has enough insulation to survive the downturn. As per the Corporate Communications VP, this is largely due to Marathon’s fixed power pricing and low operation costs.

Bitcoin Will Recover

Marathon Digital Holdings firmly believes that Bitcoin will shoot up in the long haul, according to Charlie Schumacher. This is why the company is focused on accumulating the digital asset for almost two years now.

Bitcoin prices will always have an impact on Marathon’s financial results, Schumacher said. This is largely due to Marathon’s reporting its financials in USD. The company tries to concentrate on its Bitcoin production for internal evaluations. However, Schumacher also added that mining for Bitcoin is akin to a zero-sum game.

Schumacher continued, saying that after the decline of difficulty rates miners who continued the mining process will have more BTC earning opportunities.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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