Marathon is now the 2nd-largest listed holder of Bitcoin — CEO
The United States-listed Bitcoin miner has produced at least 1,231 Bitcoin since the start of July and has sold none of it to date.
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The United States-listed Bitcoin miner has produced at least 1,231 Bitcoin since the start of July and has sold none of it to date.
In their December report, Marathon Digital Holdings announced their total BTC holdings. And assured their investors that they were not selling any of it any time soon. This is particularly interesting considering the company bought “a record number” of S19s in December. Reportedly, they got a giant loan using Bitcoin as collateral. An operation we’ll see a lot more in the near future throughout the industry. The report quotes Fred Thiel, Marathon’s CEO, in a celebratory mode. “2021 was a transformative year for Marathon as we increased our hash rate 1,790% and increased our bitcoin production 846% year-over-year to 3,197 self-mined BTC.” Staggering numbers that show the size of the Bitcoin mining business. Marathon announced an record investment of nearly $1B in new equipment just before Xmas… BUT THEIR STILL HODLING ALL THEIR #BTC!https://t.co/PRlaHMNR7j — What Bitcoin Did (@WhatBitcoinDid) January 4, 2022 As for their holding plans, the report says: “The Company last sold bitcoin on October 21, 2020, and since then, has been accumulating or “hodling” all bitcoin generated. As a result, Marathon currently holds approximately 8,133 BTC, including the 4,813 BTC the Company purchased in January 2021 for an average price of $31,168 per BTC.” Of course, they’re not alone. NewsBTC documented the trend throughout the whole year. Most Miners Are Holding Strong One of the first persons to spot the trend was Lex Moskovski. In February, the analyst reported on “the first day since Dec, 27 when Miners Position change turned positive.” Miners have stopped selling and started accumulating #Bitcoin Yesterday was the first day since Dec, 27 when Miners Position change turned positive. Miners were selling their bitcoins for two months. Bullish. pic.twitter.com/S89iBcz4k3 — Lex Moskovski ?? (@mskvsk) February 27, 2021 Approximately four months ago, NewsBTC used data to find a possible explanation: “Data shows that miner profitability has dropped in comparison to the last time that bitcoin was at this price. The profitability for bitcoin back in April at $50K had been 40% higher than it is right now when bitcoin hit $50K again. This means that miner profitability is hitting the lows at all-time highs. This drop in profitability has seen miners refusing to sell the BTC they are rewarded with for mining blocks. Instead choosing to hold these coins in wait for much higher prices.” Miner profitability might be decreasing, but, the business is still a long way from turning red. Especially for a giant operation like Marathon. In a recent interview that NewsBTC reported on, Fred Thiel said: “Thiel expressed that, factoring operational mining costs (energy plus hosting), Bitcoin’s breakeven rate is roughly $6,500, meaning that the digital coin would need to drop at least 80% for Marathon to face challenging difficulties.” Less than three months ago, NewsBTC reported on another set of data that showed the same phenomenon: “BTC miner reserves continue to trend sideways amid the coin’s strong move up. The “miner reserve” is a indicator that shows the total amount of Bitcoin that miners are currently holding in their wallets. An increase in the metric’s value suggests miners think the coin’s value will go up in the near future, hence they are stocking up on it.” BTC price chart for 01/05/2021 on FX | Source: BTC/USD on TradingView.com The Marathon Mining Company’s Future The company’s recent billion-dollar investment is a play for the future. Especially considering just when those machines will arrive. “On December 23, 2021, Marathon announced that it had entered into a contract with BITMAIN to purchase a record number of ANTMINER S19 XP (140 TH/s) bitcoin miners, all of which are currently expected to ship from BITMAIN between July 2022 and December 2022.” The chip shortage is real, people. If an order this size can only be fulfilled in six to twelve months, something’s up. Also, by the looks of it, the ASIC manufacturing business might be even more profitable than Bitcoin mining. That’s a topic for another day, however. Featured Image by Martinš Zemlickis on Unsplash - Charts by TradingView
Marathon Digital, a major player in the bitcoin mining industry, is in hot water after shareholders filed a lawsuit in the United States District Court for the District of Nevada alleging that Marathon CEO Fred Thiel and nine other Marathon executives violated fiduciary duties, engaged in unfair profiteering, and misappropriated company assets. In the complaint […]
MicroStrategy’s founder, Michael Saylor, has boldly predicted that MARA Holdings, a prominent Bitcoin mining company, could be the next firm to join the prestigious Nasdaq 100 index. Michael Saylor believes this could pave the way for MARA to follow suit. Michael Saylor MicroStrategy’s Recent Nasdaq 100 Inclusion MicroStrategy’s inclusion in
In an interview with CNBC on Monday, Fred Thiel, CEO of Marathon Digital Holdings (NASDAQ: MARA), shared his bullish outlook on Bitcoin. He emphasized the growing institutional interest and a favorable regulatory environment that could propel the BTC price to new highs. Thiel dismissed the impact of the recent Bitcoin halving, stating, “I think the halving had zero effect.” Instead, he attributed the Bitcoin price surge to the introduction of spot exchange-traded funds (ETFs) earlier this year. “In January, you had the ETFs that launched that drove all of a sudden the beginnings of some institutional interest,” he noted. Institutions Just ‘Waiting To Buy Up’ Bitcoin While the initial investments in these ETFs were predominantly retail, Thiel observed a shift as institutional players began entering the market. “Then you started seeing some pension funds starting to buy into ETFs and into Bitcoin-related equities like our stock or MicroStrategy‘s,” he added. The CEO highlighted the potential impact of political developments on the BTC market. “With the election, you know, Donald Trump ran on a platform that is very pro-BitcoinBitcoin strategic reserve, mining in the US, etc.,” Thiel said. He suggested that such a stance could lead to a more supportive regulatory environment in the United States. Related Reading: Bitcoin Rally Pauses Before $100KHeres What Could Happen Next “What that’s ended up driving is a huge belief that all of a sudden the regulatory environment for Bitcoin and crypto will get much better, that the US will double down and really invest in Bitcoin potentially,” he explained. This anticipated shift could pressure other nations to adopt similar policies, fostering global adoption. Thiel also pointed out the robust market dynamics absorbing selling pressure from long-term holders. “Every single Bitcoin that had been purchased was in profit, and you started long-term holders who had held Bitcoin for years beginning to liquidate a little bit to take some profits,” he said. Despite this, he emphasized the market’s resilience: “There is so much demand in the market that it just keeps soaking it up.” Addressing concerns about Bitcoin’s notorious volatility, Thiel asserted that significant drawdowns might be a thing of the past, at least in the near term. “The volatility of past years, where you would hit a peak and then see a 20% or 30% drawdown, I think are gone, at least for the near-term future,” he stated. He believes that institutional investors are poised to enter the market aggressively. “I think what we’re going to see is essentially institutions just waiting to buy up Bitcoin,” Thiel predicted. Related Reading: Bitcoin Price Alert: Expert Warns Of Upcoming 25% Drop, Timing And Trends Explained He cited recent actions by major corporations to support his outlook. “You look at MicroStrategythey’re [issuing a] $3 billion bond; they’re out there buying Bitcoin very aggressively,” he said. “We raised a $1 billion bond at 0% coupon the same week as Michael Saylor did, and we went out and acquired hundreds of millions of dollars of Bitcoin.” Thiel emphasized that this trend is gaining momentum: “Lots of people are starting to do this now.” Concluding his insights, Thiel expressed confidence in Bitcoin’s upward trajectory. “Anybody who’s selling is selling into a market where there’s ample demand, and I think that for the foreseeable future we’ll continue to see Bitcoin price move upyou know, up and down, up and downbut generally the trend will be upwards,” he said. Notably, Cantor Fitzgerald recently adjusted its price target for MARA from $33 to $42. The revision follows Mara Holdings’ completion of a substantial $1 billion convertible note offering last week. From the $980 million raised, Mara used $199 million to buy back $222 million in principal of its 2026 convertible notes. With $781 million in proceeds remaining, the company plans to purchase additional Bitcoin, leveraging a strategy similar to MicroStrategy (MSTR). However, unlike MicroStrategy, which focuses purely on capital market maneuvers to accumulate Bitcoin, Mara also operates the largest publicly-traded Bitcoin mining operation by hash rate. Analysts at Cantor highlight this as a key differentiator with bullish potential. At press time, BTC traded at $92,531. Featured image from YouTube, chart from TradingView.com
MARA CEO Fred Thiel said Bitcoin has fallen in only three of the last 14 calendar years, which is why retail should consider buying Bitcoin and just let it appreciate in value.
Bitcoin (BTC) mining firm Marathon Digital reported a quarterly record of 2,195 BTC mined over the first quarter of 2023, currently worth around $62 million. Marathon explained in an April 3 update that the 2,195 mined BTC is a 74% increase from the first quarter of last year and a 41% increase from Q4 2022. [...]
The post Marathon Digital posts quarterly record of 2,195 Bitcoin mined in Q1 appeared first on Crypto Breaking News.
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