Marathon Digital Accelerates Bitcoin Mining not afraid of falling prices

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The website cointelegraph.com reports that although the pricebitcoin (BTC) may be reduced to the point of uselessness. that can no longer be profitable for miners by but Marathon Digital Holdings One of the largest bitcoin mining companies in North America. It said it would continue to work on accumulating leading digital assets.

Charlie Schumacher, vice president of corporate communications at Marathon Digital, said on June 15, 2022 that although the company is not immune to the macro environment, it is well insulated and well positioned to deal with the current downturn. due to low operating costs and stable energy prices

In the first quarter of 2022, the cost of productionbitcoinThe company has a fixed price for energy. Therefore, the company is not affected by changes in the energy market.

Schumacher added, The company focuses on mining.bitcoinand the collection ofdigital assetsmore, believing that assets will continue to have value in the long run

Because the company reports its money in dollars, the pricebitcoinIt has a significant impact on the financial results of the company. The company is trying to accelerate the production of more bitcoins.

However, the fact that the price of bitcoin has dropped in the market right now But if you believe in investing in bitcoin for the long term, holdingbitcoinMore now is not a bad thing.

Marathon has accumulated bitcoin balance. since Oct. 2020 as of June 1, 2022, approximately 9,941 bitcoins are worth approximately $200 million at current prices.

Read Also  [Express News]China announced that "cryptocurrency is illegal" and will strictly ban mining! -INSIDE

Mr. Schumacher It also pointed out the advantages of bitcoin mining amid the decline in bitcoin prices due to circumstances that force inefficient miners to give up. This reduces the difficulty of mining new bitcoin blocks as well.

“When the difficulty rate decreases Those who can continue mining have a better chance of earning bitcoins,” Schumacher said.

by the current hash rate ofbitcoin also known as the processing power of Bitcoin has dropped from a high (ATH) of 231.428 EH/s on June 12, 2022 to 205.163 EH/s at the time of reporting.

last week market datacryptoAnd analytics platform CryptoRank estimates that on June 16, the price of bitcoin will fall to the same level as mining costs. As a result, some people may not be profitable from mining right now.

Marcus Tierlen, Chief Investment Officer, IDEG Singapore, Digital Asset Manager It said it could be affected by the mining industry. Because most of the budget is set in the 4th quarter of 2021 before the change in market conditions, but the market condition has changed drastically.

Along with the estimation, several smaller miners will have breakeven rates of around $26,000 to $28,000, with bitcoin currently priced at $20,085 at the time of reporting.

Last week, S3 Partners listed Marathon Digital Holdings as one of the US-listed companies. with the most interest in short selling, alongside MicroStrategy and Coinbase.

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