Key Takeaways
- US Bitcoin miners are increasingly hodling their BTC instead of selling.
- Marathon Digital Holdings holds over 18,500 BTC, worth more than $1 billion.
- CleanSpark expects to surpass 50 EH/s mining capacity by 2025.
Marathon Digital Holdings: Holding BTC Instead of Selling
Marathon Digital Holdings did not sell any Bitcoin in June, reflecting a growing trend among US-based Bitcoin miners to accumulate rather than sell. Salman Khan, Marathon’s CFO, explained their approach:
There are market dynamics that you have to consider […] in the short term, the Bitcoin price could fluctuate, and your decision could be impacted as a result of that.
Comparative Analysis with Other Asset Classes
Khan highlighted the unique nature of Bitcoin compared to other assets like oil, which require storage costs. Marathon holds 18,536 Bitcoin, valued at over $1 billion, a 48% increase from last year.
Khan added:
The rate of return on this asset class was 150% over the last few years. We obviously are big believers in the Bitcoin price going up further from here.
Other US Miners Following Suit
Riot Platforms and CleanSpark are also accumulating Bitcoin. CleanSpark CEO Zach Bradford mentioned,
We view [hodling Bitcoin] as strategically important in the current environment. We expect the price of Bitcoin to be volatile, but over the long term, we do expect it to increase in value.
CleanSpark has grown its treasury to over 6,500 Bitcoin since last June.
Expanding Mining Capacity
US Bitcoin miners are rapidly increasing their mining capacity. CleanSpark aims to surpass 50 EH/s by 2025, Marathon targets 50 EH/s by year-end, and Riot plans to reach 100 EH/s by 2027.
Further Accumulation Strategies
Marathon is open to buying Bitcoin in addition to mining. In January, the company purchased 183.5 Bitcoin. Khan noted:
There’s BlackRock, and there’s Fidelity. If you do the math, that shows that the price is likely going to go up.
A Cash-Rich Business
Marathon has $1.5 billion in cash and Bitcoin. Khan emphasized the importance of liquidity in this capital-intensive industry, stating:
Liquidity is important in this space. This is a capital-intensive business.
