In order to offset operational costs and enhance liquidity prior to the subsequent Bitcoin halving, Marathon is contemplating a BTC selloff.
Marathon Digital Holdings, Inc. is anticipating another Bitcoin (BTC) selloff, selling 704 BTC to cover operating expenses in December, representing 38% of its total production.
Capitalizing on substantial cash reserves and 15,174 BTC in total, the organization remains committed to bolstering liquidity in preparation for the forthcoming Bitcoin network halving.
Marathon’s December BTC Production
The organization recently declared that it attained unprecedented Bitcoin mining output in December, totaling 1,853 BTC. This figure represents a significant 56% growth compared to November 2023 and an outstanding 290% increase annually.
In December 2023, 704 BTC tokens were sold from this amount to satisfy operating expenses. Given the Bitcoin closing price of $42,546 in December 2023, the minimum acceptable transaction price should stay below $30 million.
Marathon is anticipated to finalize the acquisition of two sites from Generate Capital in January 2024 for an estimated sum of $178.6 million as it prepares for another Bitcoin selloff.
Fred Thiel, Chairman and CEO of Marathon, delineated the organization’s overarching objective for 2024, which entails attaining 50 exahashes within the subsequent 18 to 24 months and achieving a 30% increase in the rate of energized hash.
An ongoing global expansion initiative includes reported advancements in Abu Dhabi and establishing a joint venture in Paraguay. Furthermore, Marathon’s MaraPool experienced a substantial increase in the collection of transaction fees.
MaraPool amassed 380 BTC in transaction fees in December 2023, accounting for 22% of the total BTC produced. This indicates an increase from the previous year when transaction fee collection accounted for 12% of production.
Bitcoin Price Increase And Decline
Since January 1, 2024, the price of Bitcoin has increased by 9%, peaking at $45,899.71 before falling below $43,000. However, the value of the cryptocurrency recovered during trading today. On Thursday, January 4, 2024, the BTC price was $43,378.42, representing an increase of 2.40%.
Currently, its market capitalization stands at $850.96 billion, signifying a growth of 2.44%. The 24-hour transaction volume of the cryptocurrency, on the other hand, decreased by 25.67% to $31.86 billion.
Due to the recent resurgence, the gains over the past month are near 5%. However, the value of the cryptocurrency increased by about 2% over the previous month.
Before this, crypto journalists reported that the renowned crypto analyst Ali Martinez had cautioned against a future surge and reversal pattern. He predicted in a post on X that the price of Bitcoin would shortly reach $50,000.
Nevertheless, he also pointed out that a retracement could ensue after the bullish rally. Martinez hypothesized that Bitcoin’s price could undergo a 40% correction after its ascent to $50,000.
