Marathon Emerges As Second Largest Bitcoin Holder — CEO
Bitcoin Mining firm, Marathon Digital, has emerged as the second largest Bitcoin holder globally among publicly-listed firms.
According to various on-chain data, the crypto miner has minted over 1,231 BTC since the beginning of July. Moreover, the firm has not sold any of its Bitcoin despite the crypto market crisis.
Marathon Digital Emerges 2nd-largest BTC Holder With 11,300 BTC
On November 8th, Marathon Digital reported its Q3 2022 earnings. Fred Thiel, the company’s CEO, stated that the firm now has 11,300 BTC (about $205 million).
In addition, Thiel said the firm is now the second largest BTC holder among publicly-traded companies globally. Data from CoinGecko reveals the Nasdaq-listed firm is second, topped by MicroStrategy Inc.
MicroStrategy has about 130,000 BTC. Coinbase and Block Inc are others on the list, in 3rd and 4th positions. Surprisingly, Marathon Digital added over 616 BTC in Q3 despite the crypto market winter.
Last month, the firm added 615 BTC, the company’s highest in a single month.
“Increasing our hash rates has helped our BTC production. In addition, it has helped to bring more BTC servers online and improve their operations,” Thiel stated.
Furthermore, the CEO noted that the firm had not sold its Bitcoin holdings. He said the firm would only sell its BTC if it needed to cover its expenses.
Moreover, several crypto miners have sold their Bitcoin during the bearish market. Some include Riot Blockchain, Bitfarms, Argo, and Core Scientific. Most crypto miners had sold some of their Bitcoin to cover their expenses.
Marathon Digital And Riot Blockchain’s Earnings Drop In Q3 2022
Unfortunately, Marathon Digital’s earnings dived in Q3 2022. Its net loss ($75.4 million) was almost thrice the amount recorded in Q3 2021. Revenue for year-on-year fell by 75.5% to $12.7 billion.
Hence, both metrics did not meet the company’s expectations for the period. Besides, the firm’s exit from its mining facility in Montana and Bitcoin’s low price affected its earnings in the period.
Furthermore, Thiel tagged Q3 2022 as a time of transition and rebuilding. This is coming after the firm exited Hardin County and is now assessing new locations in Texas.
On Monday, Riot Blockchain, a rival BTC mining firm, released its Q3 earnings. Unfortunately, the revenues fell short of their predictions for the period.
Riot Blockchain’s total revenue dropped by 28.5% in Q3 2022. The company’s net loss increased by 139.2% due to “curtailment activities” in Texas and a fall in Bitcoin’s price.
Meanwhile, the stock prices of both Marathon Digital and Riot Blockchain have dropped in the last five days. Per Google Finance, Marathon Digital and Riot Blockchain’s stocks dipped by 18.02% and 17.62%, respectively.
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