Bitcoin Miner Marathon Digital HODLs Through the Bear Market

The digital marathon mining giant has shown incredibly strong hands across this bear market, having not yet sold bitcoin (btc) since October 2020.

The company disclosed its finances and current state in an update of mining production and exploitation. Despite the broader Bitcoin miner exodus, Marathon reported that it had produced 707 BTC in the second quarter of 2022, an increase of 8% year-on-year from the second quarter 2021.

It also revealed that the company now holds 10,055 BTC, worth an estimated $222.5 million at current prices. No assets have been sold since October 2020.

Marathon president and CEO, Fred Thiel, said the company "continued to work through several operational hurdles that we have advanced with the installation of miners in Texas in preparation for energy."

Output fell in June to only 140 BTC, the lowest since March 2021. The fall was caused by a severe storm across the Hardin, Texas area on June 11th. Weather conditions damaged the powerhouse, leaving 30,000 marathoners without electricity in the area.

Bitcoin miners back accumulating

Year-to-date through June 30, Marathon has produced 1,966 BTC, which is a 132% increase over the same time period in the prior year, it added.

It was one of the few mining companies that fought the bear market without getting their assets up and running. According to obscure research, a number of publicly traded mining companies sold 100% of their production at the beginning of the year. These are in particular bitfarms, riot blockchain, and scientific basis.

Research has also noted that marathon has the most outflows for machine payments remaining this year with an estimate of 260 million dollars, but it has a very healthy balance sheet.

On-chain analytics provider glassnode reported that bitcoin miners are returning to accumulation mode after several months of strong sales. The change in the miners' net position is again in green.

However, miners’ BTC balance has just reached a one-month low of 1.8 million, it reported on July 8.

BTC reclaims $22K

The asset realized a 7.9% gain that day, allowing it to recover the $22,000 price level during the Asian trading session on Friday morning.

The bears are still in business, however, as btc stays in its channel limited to its reach and has to break the resistance just above the current levels to get out.

Several key dates for macroeconomic factors are still looming large in July which could send crypto markets back south once again.