The biggest Bitcoin miner in the world didn't sell any coins in June.

Marathon Digital stated that while it may eventually sell to fund operations, its long-term goal is to increase the strength of its Bitcoin holdings through open-market acquisitions.

The biggest Bitcoin mining company in the world, Marathon Digital assets, hasn't sold any of its assets in the last month.

Even with Bitcoin BTC

tickers reduced to $60,201

After more than a month of declines, Marathon Digital decided to hang onto all of its Bitcoin.

According to the company's operations report, which was released on July 3, as of June, it has 18,536 Bitcoin valued over $1.1 billion.

By purchasing Bitcoin on the open market and investing in "other opportunities to increase its Bitcoin yield," the Bitcoin miner stated that it intends to maintain and grow its holdings of the cryptocurrency. It did, however, add that it might sell some of its Bitcoin in the future:

 

 

“MARA opted not to sell any bitcoin in June. The Company still intends to sell a portion of its bitcoin holdings in future periods to support monthly operations, manage its treasury, and for general corporate purposes.”

 

Large holders' selling habits, such as those of mining companies, can have a big influence on the price of bitcoin, particularly in light of the 2024 Bitcoin halving, which may be pressuring miners to sell more bitcoin because the block rewards will only be half as much.

At a valuation of more than $6.25 billion, Marathon has surpassed CleanSpark, the second-biggest Bitcoin mining company, by a margin of 62% to become the world's largest. Based on data from CompaniesMarketCap, CleanSpark has a $3.85 billion market value.

 

By the end of 2024, Marathon Digital expects to have doubled its operating hash rate to 50 EH/s.

 

In June, Marathon Digital reached 26.3 exahashes (EH/s), doubling its operational hash rate from the previous year.

According to Marathon Digital's CEO and chairman, Fred Thiel, the increase is mainly the result of improved operations at the Ellendale facility, which started operating at full capacity at the beginning of July.

Thiel Composed:

 

“Our proprietary mining pool outperformed, capturing 158 blocks during the month, a 10% increase over last year.”

 

Thiel claims that the company's growth is consistent with its goal of reaching 50EH/s by the end of 2024:

 

“Domestically, our team continues to optimize our recently acquired sites with immersion cooling technology and the latest generation hardware. With these advancements and the expansion of our fleet, we remain on track to reach our target of 50 EH/s by the end of this year.”

 

Using Bitcoin mining to heat in order to facilitate the global energy transition

 

After Marathon completed a trial project that provides heat to an 11,000-person village in Finland, more businesses are starting to take notice of bitcoin mining as a potentially lucrative renewable energy source.

 

The Satakunte region's two megawatt pilot project heats houses by centrally heating water and distributing it via an underground pipe network. This technique is known as "district heating."

Given the substantial quantity of extra heat produced by Bitcoin mining rigs, this may turn out to be a future-proof means of house heating.

According to Thiel of Marathon Digital, heating systems powered by bitcoin mining may one day lower heating expenses and carbon emissions:

 

“Integrating digital asset compute with district heating can reduce carbon emissions, lower costs, and minimize waste heat, leading to enhanced sustainability and economic savings for both industries and end-users. We look forward to expanding our global presence as a leader in leveraging digital asset compute to support the energy transformation."