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Bitcoin Mining Giant hasn’t sold Bitcoin for long

It has been stated that Bitcoin mining giant Marathon Digital has not sold Bitcoin since October 2020. Bitcoin Mining giant has shown its iron fist as it has not sold any Bitcoins since October 2020.

The company disclosed its financial and current status in its production and mining operation announcement. Despite the increase in Bitcoin miner outputs, Marathon reported that it produced 707 Bitcoin in the second quarter of 2022, an annual increase of 8 percent compared to the second quarter of 2021.

On the other hand, it was stated that the company currently holds 10,055 BTC, worth an estimated $222.5 million at current prices. The company has not sold any assets since October 2020.

Marathon President and CEO Fred Thiel said that the

“company continues to work on various operational hurdles as it continues to regulate miners in Texas to prepare for energization.”

Production in June had its lowest month since March 2021. During the month in question, production fell to 140 BTC. The drop was caused by a severe storm that hit the Hardin area, Texas, on June 11. The weather has damaged the power generation plant. This left 30,000 Marathon miners without electricity.

Marathon generated 1,966 BTC from the beginning of the year to June 30, an increase of 132 percent compared to the same period of the previous year. The company in question is one of the few mining companies struggling in the bear market without closing or selling their holdings.