Key Takeaways
- Marathon Digital increased its Bitcoin holdings by $124 million in July.
- The company plans to maintain a 'full HODL' strategy for its Bitcoin holdings.
- Marathon's Bitcoin production rose by 17% in July.
Marathon Digital Holdings, the world’s largest Bitcoin miner, has boosted its Bitcoin holdings by 2,282 BTC in July, valued at more than $124 million at current prices.
This brings Marathon’s total Bitcoin holdings to 20,818 BTC, which is over $1.14 billion. This move aligns with the company’s commitment to a “full HODL” strategy, as reported in their recent announcement on August 6.
Going “Full HODL”
The decision to hold rather than sell Bitcoin is seen as a strategic move, positioning Bitcoin as a treasury reserve asset. Fred Thiel, CEO and Chairman of Marathon Digital, emphasized this approach in a July 25 post on X:
Today, Marathon is proud to announce that to strengthen our strategy of holding Bitcoin as our strategic treasury reserve asset, we have, over the past month, purchased $100 million in BTC, and will now go full HODL.
This stance is notable, especially as Marathon remains committed despite challenges such as the anticipated 2024 Bitcoin halving, which is expected to cut block rewards by 50%, potentially pressuring other miners to sell their Bitcoin holdings.
Boost in Bitcoin Production
Marathon Digital also achieved a 17% increase in Bitcoin production in July, mining 692 BTC. Their total Bitcoin and cash holdings now stand at $1.6 billion. The company attributes this success to an increase in block wins by 27% and a 5% rise in their average operational hash rate to 27.5 EH/s.
Fred Thiel explained the significance of these developments:
BTC production last month rose 17% to 692 BTC compared to June, and our average operational hash rate grew 5% over the same period to 27.5 EH/s. We will continue to mine aggressively while the global hash rate comes offline due to a lower BTC price and use all the tools at our disposal related to mining economics for maximum production.
Remarkably, Marathon did not sell any Bitcoin during June, indicating its firm commitment to its long-term strategy.
