Marathon Digital Holdings – a leading bitcoin mining company – mined 707 BTC during Q2, 2022, an 8% year-on-year increase. More importantly, however, the firm did not sell any of its cryptocurrencies and currently owns 10,055 BTC.
Despite Bear Market, Marathon Thrusts
The latest cryptocurrency mining company to announce its quarterly results is publicly traded Marathon Digital Holdings (ticker symbol: MARA). During Q2 2022, it produced 707 BTC – a significant increase compared to the 654 BTC mined in Q2 2021.
According to the company’s estimates, the level of production could have been even higher had there not been some negative factors during that period. For example, it suffered maintenance issues at power plants located in Texas and a severe storm affecting facilities in Montana.
as cryptopotato As previously reported, weather conditions in the northern state have paralyzed the operations of all 30,000 miners that Marathon has deployed to the area. In addition, they account for 75% of the company’s total active fleet. The damage is expected to be partially resolved during 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,” Marathon said in its report.
Adding 707 BTC to the equation, the unit has 10,055 BTC, which equates to approximately $213 million at current prices. During the first six months of 2022, 1,966 BTC of the total reserves were mined.
Unlike some other rivals, Marathon didn’t sell any of its stake during the second quarter of this year. Indeed, the last time it liquidated some of its BTC was in October 2020. Significantly, the shares of the company had reacted positively to this news. Before the announcement, a stock was valued at around $6, while currently, it trades at around $7.
How are the competitors doing?
Argo Blockchain and Riot Blockchain also recently revealed their June results. 179 BTC were mined last month, which is significantly higher than the 124 BTC produced in May. However, in order to reduce its debt agreement obligations with Galaxy Digital, the firm had to sell 637 BTC from its total storage at an average price of around $24,500.
Riot Blockchain produced 421 BTC and parted ways with 300 BTC in June. It currently sits at 6,654 BTC, which is worth $142 million (as of writing these lines). Due to higher prices in New York, however, the organization began to move its infrastructure to Texas (where electricity costs twice as cheap).
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