Cryptocurrencies have still not recovered from the market crash but Marathon Digital continued with its mining operation.
This is quite a bold and brave statement when Marathon Digital Holding said that the company will continuously work in order to accumulate bitcoin, regardless of the bitcoin price experiencing huge losses and being unprofitable for common investors and average investors also.
Vice president of Corporate Communications department at Marathon Digital, Charlie Schumacher said recently that apparently the crypto mining company is not immune to the ongoing environment where the macro economy is struggling. He said that still Marathon Digital was positioned and insulated itself quite well for even the market downturn such as at present. This is made possible due to its low operational cost and fixed price that it pays for power.
Schumacher further gave the reference for this as in the first quarter of 2022, the cost of the company in order to produce bitcoin was around $6,200. He also said that the company has a fixed price to pay for the power it consumes and it’s not subject to change following the energy markets.
Marathon Digital has focused more on production of bitcoin and increased the accumulation of crypto assets along with the firm belief on the top cryptocurrency that will go up and appreciate in upcoming times, Schumacher said. He further added that because the company reports about its financials in US dollars that makes sure the minimum impact of bitcoin price on the financials.
Internally, Marathon Digital makes sure their bitcoin production remains high in order to evaluate their own progress and considering bitcoin mining is entirely a zero sum game, it becomes crucial to keep this in mind. He further explained that currently bitcoin price is less in terms of dollar while this time when it is getting mined but he believes in the ability of bitcoin to appreciate its value in the long run and it’s not bad to earn as much BTC as possible.
Marathon Digital said in its 9th June statement that it has been holding or accumulating its bitcoin (BTC) and it has not sold any of it yet since October, 2020. As per the reports, currently the digital asset company is holding approx 9,941 bitcoin worth $200 million, as per the current prices.
Source: https://www.thecoinrepublic.com/2022/06/24/how-does-this-crypto-mining-firm-keep-on-digging-despite-the-market-crash/