Marathon releases the update for March 2022: CEO confirms that the firm is open for sale
Marathon Digital Holdings, one of the biggest publicly-traded mining companies in North America, has confirmed the updates for Bitcoin production and mining for March 2022. It also revealed that the firm was able to produce a record 1,259 BTC in Q1 2022 which is up 556% year-over-year from Q1 2021 and up 15% sequentially from Q4 2021.
Bitcoin Holdings increases to 9,374 BTC
Marathon reveals that the hash rate “increased 14% from the prior quarter with deployments expected to ramp in the coming weeks as permitting and approval process is finalized.” It is important to note that the firm will generate 23.3 exahash per second (EH/s) by early 2023 regardless of the 45-day delay in the deployment of mining rigs in the coming days.As noted in our previous report from December 2021, Marathon Digital plans to expand its Bitcoin mining contribution by 600% and has ordered 199,000 miners which it will receive in 2022. Fred Thiel, CEO of Marathon Digital Holdings added in his statement:
“Our bitcoin production would have increased 17% to 1,282 BTC if the global hash rate had remained constant from the end of Q4 2021. We continue to hold, or HODL, all of our bitcoin, and as a result, we now hold 9,374 bitcoin, strengthening our standing as one of the largest holders of bitcoin among publicly traded companies.”
Marathon ready for sale
As per a fresh report from Bloomberg, Marathon Digital Holdings Inc. is open for sale per the statement from the CEO of the firm. It is important to note that the CEO said that he is “willing to talk but it’s got to be the right price.”“A generating company can sell their electricity to themselves at a lower cost, so they would be the most profitable Bitcoin miner over time,” Thiel said. “How do they scale? They go find a big miner that they are going to acquire and they get scaled overnight.”
The CEO of Marathon pointed out that it will be the energy industry that will dominate the Bitcoin mining industry and have the biggest stake in it.
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