Marathon’s first Bitcoin sale in 2 years not the result of distress
The sale is the first time Marathon Digital has sold its mined Bitcoin since October 2020, but a spokesperson said it wasn't as a result of distress. The second largest publicly-listed holder of Bitcoin, crypto mining firm Marathon Digital Holdings has offloaded some of its Bitcoin for the first time in two years. A spokesman told Cointelegraph this was not a result of financial distress. As per a January update posted on Feb. 2, the company disclosed it sold 1,500 BTC, worth $35.3 million at current prices, during the month. While some crypto miners have been forced to sell Bitcoin due to distress , Marathon’s VP of corporate communications Charlie Schumacher explained this was not the case for Marathon. Marathon Digital's 'Bitcoin Mining Data Center' in Hardin, Montana. Source: Marathon Digital Schumacher said Marathon has been diamond-handing its Bitcoin until now as the firm didn’t want to sell whilst production was down, and has been bullish on the long-term pr...