The economic downturn across the crypto market turned game for many major bitcoin miner firms.
When one of the leading bitcoin mining enterprises, financial and current status reports of Marathon Digital released recently. This came as a surprise to almost everyone in the crypto space. Given the market downturn, production and mining operations of the bitcoin miner remained impressive.
Marathon Digital reported the production of about 707 bitcoin during this year’s second quarter. This is about 8% more than its production during the second quarter of 2021. Moreover, it revealed that now its bitcoin reserves holds about 10,055 bitcoin (BTC) worth more than $222.5 million. As it turns out, the more impressive part is that since 2020 it has not sold out any of its belonging crypto assets.
CEO and Chairman – Marathon Digital, Fred Thiel said that they continued to work on their primary task of mining. They also had to face several obstacles during operations during their moving forward, especially when the firm was setting up miners in Texas.
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The production at the bitcoin mining firm dropped to just 140 bitcoin (BTC) in the last month of June, which is the lowest production since March 2021 in a month. However, this decline was seen due to a bleak storm that hit the Hardin region of Texas on 11th June. The power generation facility of the bitcoin miners was damaged because of the harsh weather. The power cut left about 30,000 miners in the region inactive for quite long.
By 30th June, Marathon Digital had produced approx 1,996 bitcoin (BTC), while compared to its year-to-date figure, it’s a growth of about 132%. This is one among those few mining companies that have faced and made through the extreme bear market. Moreover, for doing so, it neither dropped its production nor sold any crypto asset.
As per several researches earlier, it outlined that publicly listed and leading bitcoin mining companies had sold their entire crypto production earlier this year. These firms include Riot Blockchain, Core Scientific and Bitfarms.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.