Marathon Digital, a famous cryptocurrency company, announced how much Bitcoin it sold in February. As it is known, Marathon Digital is a publicly traded company as well as being one of the largest mining companies. Here are the details…
Marathon Digital announces the sale of cryptocurrencies
Marathon Digital (MARA), one of the largest publicly traded Bitcoin miners, has sold 650 of the 683 Bitcoins it mined in February. The company said it sells Bitcoin for general corporate purposes and to help pay for operating expenses, according to a statement. Marathon sold 1,500 Bitcoins in January, which meant it had dumped any of its holdings for the first time. Fred Thiel, Chairman and CEO of the company, said that despite the February sales, Marathon has increased its Bitcoin holdings from 8,090 Bitcoins as of January 31, 2023 to 8,260 Bitcoins, worth $191.2 million as of February 28.
–The sell move aligns Marathon’s strategy with some of its peers, including Riot Platforms (RIOT), which started selling some of the Bitcoin mined last year. Prior to January, Marathon was among the few miners that continued to hold the Bitcoin it mined, even though the company stated that it could become a seller at some point in May 2022. Returning to operations, Marathon said it has 14 exahash per second (EH/s) of installed computing power at the end of February, up from 11 EH/s a month ago, and plans to reach 23 EH/s by mid-2023. According to the statement, the company closed the month with $219.7 million in cash.
Riot earnings report canceled
Earlier this week, the miner canceled its earnings report and said it will need to re-declare parts of its audited 2021 results and quarterly reports from 2022, currently unaudited, following an investigation from the US Securities and Exchange Commission (SEC) that pointed to technical accounting issues. Riot Platforms on Thursday also said it will delay 10-K filings with the SEC due to issues raised by its accounting firm about the company’s calculations of impairment for Bitcoin assets. Riot shares fell 2.4 percent in after-hours trading on Thursday.
Riot specifically said that its previously published financial statements for 2022, 2021, and 2020 “contain material errors and should not be relied upon.” Shares of Marathon were little changed in after-hours trading on Thursday, remaining more than 80 percent high in 2023. Bitcoin has fallen by 4.6 percent in the last 24 hours, according to cryptokoin.com data. It is traded at $22,376 levels. The coin is experiencing a 6.6 percent decline in the 7-day period.
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