Marathon Digital becomes the second-largest BTC holder despite disappointing Q3 results

banner-image

Based on the data, it appears that only MicroStrategy (MSTR) is the only company that possesses more Bitcoin than crypto mining giant Marathon Digital Holdings, which holds 11,285 BTC units at present despite the fact that the company suffered a net loss of $75.4M in the third quarter of the year.

CEO and Chairman Fred Thiel of Marathon asserts that the second quarter of 2022 was a difficult time because the company had to restructure several of its businesses. It relocated Montana mining facilities to Texas, where state and local governments are now more supportive of cryptocurrency businesses.

Thiel stated: “The third quarter of 2022 was a transition and rebuilding period at Marathon, during which we fully exited the Hardin facility in Montana and began energizing servers at new locations, most notably the 280-megawatt data center that resides behind the meter at the King Mountain wind farm in McCamey, Texas”.

Marathon Digital’s massive Bitcoin holdings

Over the course of the third quarter, Marathon mined a total of 616 Bitcoins, and just in October, the company mined an additional 615 Bitcoins, bringing its total Bitcoin holdings to 11,285. At current prices, the value of the assets is close to $205 million. With 130,000 BTC, MicroStrategy is the only company that has more BTC than the mining company, while Coinbase and Square come in at number three and four, respectively, on the list released by CoinGecko.

Last month, the US-based organization reported exposure of over $80 million to Compute North, one of its hosting providers, as reported by TheCoinRise. The latter was hit badly due to the winter market and even filed for bankruptcy in September.  If problems with the insolvent company continue to hinder business, Marathon has notified it may settle some of its facilities to other regions.

“While we expect operations to continue as originally anticipated, our asset-light model provides us with the optionality to relocate our miners to other locations, should the need arise,” Thiel added.

May 27, 2024

Racer elaborated on the strained relationship between the Friend.tech team and..

May 27, 2024

Tornado Cash co-founder Roman Storm said that the prosecution failed to..

May 27, 2024

Dogecoin vs. PEPE Battle Heats Up, Investors Rush to Add Algotech..

ads-image ads-image