Marathon Digital Holdings, Inc. continues its Bitcoin sales. The company is preparing for another Bitcoin (BTC) sale after selling 704 units in December, which equated to 38% of the BTC obtained that month to cover operating expenses. Holding 15,174 BTC and a substantial cash reserve, the company continues to focus on increasing liquidity in anticipation of the next Bitcoin network halving.
Marathon’s December BTC Production
The company recently made an announcement. According to the statement, a record BTC production was achieved in December with a total of 1,853 BTC mined. This represents a significant increase of 56% compared to November 2023 and, more importantly, a striking year-over-year increase of 290%.
Despite the revenues generated, high expenses forced the company to sell. In December 2023, a sale of 704 BTC was carried out to cover the emerging expenses of the business.
Considering the average BTC closing price of $42,546 in December 2023, it can be said that the sale amounted to less than $30 million.
Preparations for a new BTC sale by Marathon are ongoing. Information has emerged about new purchases to be made in January 2024 for approximately $178.6 million from Generate Capital.
Marathon CEO Fred Thiel provided a brief overview of the company’s vision for 2024. The CEO mentioned a target of a 30% growth in energized hash rate and an aim to reach 50 exahash within the next 18 to 24 months.
Additionally, a noticeable increase was observed in the transaction fee collections in Marathon’s MaraPool.
In December 2023, MaraPool attracted attention by collecting transaction fees amounting to over 380 BTC, which corresponds to 22% of the BTC production.
Current Bitcoin Price Situation
Since January 1, 2024, the Bitcoin price has increased by 9% and rose to $45,950 before falling back below the $43,000 level. BTC then recovered during today’s trading following a decline caused by a statement from Maxiport.
As of the writing time on Thursday, January 4, 2024, BTC is trading at $43,900, indicating an increase of 2.40% in the last 24 hours.
At the time of writing, BTC’s market value is at $863 billion, reflecting an increase of 2.44%. Additionally, BTC’s 24-hour trading volume has decreased by 29.67% to $31.86 billion. Following the recent recovery, the one-month gain has reached approximately 5%.
