July 14, 2024
Bitcoin News

Marathon Digital Holds Steady Amid Bitcoin Downtrend

Marathon Digital Holdings, the biggest Bitcoin mining company globally, didn’t sell any Bitcoin last month despite prices going down. In June, Marathon had 18,536 Bitcoin valued at over $1.1 billion, as per its report on July 3. The company aims to add more Bitcoin to its stash by buying on the open market and exploring other opportunities to grow its Bitcoin holdings.

A list of world’s largest Bitcoin mining companies. Source: CompaniesMarketCap

However, it might decide to sell some of its Bitcoin in the future to help with day-to-day operations and manage its funds.

Impressive Growth and Future Plans

Marathon Digital has made big improvements in its mining operations, with its hash rate doubling from last year to 26.3 exahashes (EH/s) in June. This boost is mainly because of upgrades at the Ellendale facility, which started operating fully in early July.

The company’s exclusive mining pool did well, nabbing 158 blocks in the month, a 10% rise from last year. Marathon aims to hit a hash rate of 50 EH/s by the end of 2024 by improving cooling tech and using the latest hardware.

Innovative Heating Solutions

Marathon Digital is looking into new ways to use the extra heat produced by Bitcoin mining. It kicked off a trial project in Finland’s Satakunta region using something called “district heating” to warm up a town of 11,000 people. This system heats water centrally and sends it through underground pipes to heat homes.

Having heating systems based on Bitcoin mining could cut down on carbon emissions and heating expenses. Thus, creating a sustainable option for tomorrow.

Marathon’s CEO, Fred Thiel, stressed how these systems could help improve sustainability and save money for both businesses and users. The company wants to grow globally by using digital asset computing to back up energy transitions.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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