Marathon Digital Holdings Sells Bitcoin to Cover Expenses
Marathon Digital Holdings, Inc. has sold 704 BTC, which is 38% of its December production, to cover operating expenses. The company holds a total of 15,174 BTC and aims to enhance liquidity in anticipation of the next Bitcoin network halving.
Record BTC Production in December
In December, Marathon achieved record BTC production, mining 1,853 BTC. Out of this, 704 BTC tokens were sold to cover expenses. With an average BTC closing price of $42,546 in December, the sale value is estimated to be around $30 million.
Acquisition and Growth Plans
Marathon plans to acquire two sites for $178.6 million in January. The company’s Chairman and CEO aims for a 30% growth in energized hash rate and aims to reach 50 exahashes within the next 18 to 24 months. International expansion is also underway with progress reported in Abu Dhabi and a joint venture in Paraguay.
MaraPool’s Transaction Fee Collection
MaraPool collected over 380 BTC in transaction fees in December 2023, representing 22% of BTC production. This indicates a rise year-over-year as transaction fee collection was 12% of the production last year.
Bitcoin Price Surge and Pullback
The Bitcoin price surged by 9% since January 1, 2024, reaching a high of $45,899.71 before dropping below $43,000. However, it has rebounded and is currently trading at $43,378.42 on Thursday, January 4, 2024.
The market cap of Bitcoin is $850.96 billion, with a 2.44% increase. The 24-hour trade volume has decreased by 25.67% to $31.86 billion. In the past month, Bitcoin has gained nearly 5%, adding about 2% to its value.
Predictions of Surge and Pullback
A crypto analyst predicts that Bitcoin may hit $50,000 soon but warns of a potential 40% correction in price after reaching this milestone.
Hot Take: Marathon Digital Holdings Sells BTC to Cover Expenses
Marathon Digital Holdings, Inc. has sold a significant portion of its Bitcoin holdings to cover operating expenses. The company’s focus on enhancing liquidity and its plans for future growth indicate its confidence in the long-term potential of Bitcoin. However, the recent surge in Bitcoin’s price followed by a pullback serves as a reminder of the volatility of the cryptocurrency market. As investors navigate this unpredictable landscape, it is important to stay informed and consider expert predictions when making investment decisions.
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