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    Home»Mining»Why is Marathon Digital Holdings ready to exit the Bitcoin mining business?
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    Mining

    Why is Marathon Digital Holdings ready to exit the Bitcoin mining business?

    AdministratorBy Administrator06.04.2022No Comments2 Mins Read
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    Leading cryptocurrency mining company Marathon Digital Holdings posted exceptional growth performance. In a new Q1 report, BTC mining increased to 1,258.6 coins, up 556% from last year.

    Despite the success of the business development, Marathon CEO Fred Thiel openly told Bloomberg that he is ready to sell the company if someone offers a premium to its current market capitalization.

    This figure has fallen by 65% ​​since November last year, following the price of Bitcoin. As can be seen from the stock price chart, investors do not reflect the success of Marathon in the development of mining, considering only the current dynamics of Bitcoin when buying or selling MARA shares.
    2
    The period of falling capitalization fell on the active phase of equipment purchases. The upcoming shipments of ASIC miners will provide the company with an increase in the hashrate to 23.3 EH / s. Marathon has also accumulated 9373.6 BTC, having stopped selling the mined cryptocurrency since 2020.

    Nevertheless, Fred Thiel is far-sighted in his predictions regarding the future of the mining industry. The climate agenda is starting to create problems for industry enterprises right now. Under pressure from environmentalists, Marathon was forced to close a farm in the town of Hardin, Montana, due to its operation from a coal-fired power plant.

    The desire of miners to switch to “green” energy sources is concentrating farms in the southern states, which leads to new problems. The Texas authorities have already increased the time for consideration of applications to several months.

    The southern states of the US mainly rely on alternative energy, the problem of which is unstable generation. The influx of farms leads to an overload of networks in winter and summer, when the air temperature reaches extreme values.

    All of these arguments, plus growing competition from energy companies that independently develop bitcoin mining, lay the foundation for the future crisis of the mining industry in the United States. Now this country accounts for 30% of the hashrate and the share continues to grow. Marathon wants to exit before asset depreciation occurs.




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