Marathon Digital CEO Fred Thiel said that the decision to sell bitcoin is not related to any company issues, but was made to grow the business and support business operations.
“As our bitcoin production grows and becomes more stable, we have made a strategic decision to sell some of the reserves, as previously planned.. The funds will be used to cover certain operating expenses and for general corporate purposes,” Thiel emphasized.
Currently, 11,418 BTC are stored in Marathon Digital wallets, of which 8,090 are not collateral for loans or obligations. At the same time, the company plans to continue selling mined bitcoins throughout the year to cover operating costs.
Now the total hashrate of Marathon Digital equipment reaches 11 Eh / s. A year ago, the indicator was only 3.6 Eh / s. However, the growth in bitcoin mining is less significant – in January 2022, 462 BTC were mined, and in January of this year – only 687 BTC. This is due to the growth of the total hashrate of the Bitcoin network and, accordingly, the growth of the complexity of mining.
At the beginning of the year, Marathon management decided to close all debts on revolving credit lines. Despite significant payments, over $100 million of free funds remained on the company's accounts.