Marathon Digital Holdings, the world’s largest Bitcoin mining firm, has not sold any of its BTC in the past month. Despite the downward trend in the price of Bitcoin, Marathon Digital chose to hold onto all of its BTC. As of June, the company holds 18,536 BTC, valued at over $1.1 billion according to its activity report from July 3rd.
Marathon Digital plans to continue increasing its BTC holdings through purchases on the open market and other investment opportunities aimed at increasing Bitcoin profitability. However, the company mentioned that it may sell some of its BTC in the future to support its monthly operations, manage its treasury, and address general corporate needs.
Selling patterns by major Bitcoin holders, such as mining firms, can have a significant impact on the price of Bitcoin, especially after the halving in April, which forces miners to sell more BTC due to reduced rewards.
Marathon Digital doubled its operational hash rate on an annual basis to 26.3 exahashes (EH/s) in June, thanks to improvements in its facility in Elandale, which began operating at full capacity in early July. CEO Fred Thiel emphasized that their proprietary mining pool has exceeded expectations, solving 158 blocks in June, which is 10% more than the previous year.