{"id":465561,"date":"2022-06-20T09:24:19","date_gmt":"2022-06-20T06:24:19","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/marathon-digital-keeps-on-mining-despite-btc-price-slump\/"},"modified":"2022-06-20T09:24:19","modified_gmt":"2022-06-20T06:24:19","slug":"marathon-digital-keeps-on-mining-despite-btc-price-slump","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/marathon-digital-keeps-on-mining-despite-btc-price-slump\/","title":{"rendered":"# Marathon Digital keeps on mining despite BTC price slump"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2f16dae4a1a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2f16dae4a1a\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/marathon-digital-keeps-on-mining-despite-btc-price-slump\/#%E2%80%9D_Marathon_Digital_keeps_on_mining_despite_BTC_price_slump_%E2%80%9C\" >&#8221; Marathon Digital keeps on mining despite BTC price slump  &#8220;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/marathon-digital-keeps-on-mining-despite-btc-price-slump\/#Keep_on_mining\" >Keep on mining<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/marathon-digital-keeps-on-mining-despite-btc-price-slump\/#Price_meets_average_cost_of_mining\" >Price meets average cost of mining<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Marathon_Digital_keeps_on_mining_despite_BTC_price_slump_%E2%80%9C\"><\/span>&#8221; Marathon Digital keeps on mining despite BTC price slump  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>Despite data showing that the Bitcoin (BTC) price may have fallen to the point of being unprofitable for the average miner, Marathon Digital Holdings says it will continue working to accumulate the leading crypto asset.\u00a0<\/p>\n<p>Charlie Schumacher, VP of Corporate Communications at Marathon Digital told Cointelegraph on June 15 that while the company \u201cisn\u2019t immune to the macro environment,\u201d it is \u201cfairly well insulated and well-positioned\u201d to weather the current downturn, due to the low cost of operations and fixed pricing for power. <\/p>\n<blockquote><p>\u201cFor reference, in Q1 2022, our cost to produce a Bitcoin was <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roximately $6,200. We also have fixed pricing for power, so we are not subject to changes in the energy markets.\u201d<\/p><\/blockquote>\n<p>Schumacher added that the company has been more focused on its Bitcoin production and the accumulation of the crypto asset, with the belief that the asset will continue to appreciate in the long run. <\/p>\n<p>\u201cBecause we report our financials in USD, the price of Bitcoin will always have a material impact on our financial results. To objectively evaluate our progress internally, we try to focus more on our Bitcoin production. It&#8217;s important to bear in mind that Bitcoin mining is a zero-sum <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a>,\u201d he added.<\/p>\n<blockquote><p>\u201cGranted, that Bitcoin is worth less in terms of dollars at the time it is mined, but if you believe in Bitcoin&#8217;s ability to appreciate in the long-run, earning more BTC is never a bad thing.\u201d<\/p><\/blockquote>\n<p>In a June 9 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ir.marathondh.com\/news-events\/press-releases\/detail\/1286\/marathon-digital-holdings-announces-bitcoin-production-and\">statement<\/a>, Marathon said it has been accumulating or \u201chodling\u201d its Bitcoin and has not sold any since October 2020. As of June 1, 2022, Marathon held approximately 9,941 BTC, which is worth around\u00a0 $200 million at current prices.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24MARA&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$MARA<\/a>&#8216;s May 2022 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#bitcoin<\/a> production and miner installation update is out:<\/p>\n<p>&#8211; 19,000 miners (c. 1.9 EH\/s) ready to be energized<br \/>&#8211; Total <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> holdings = 9,941 BTC <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/HODL?src=hash&amp;ref_src=twsrc%5Etfw\">#HODL<\/a> <br \/>&#8211; Still on pace to achieve 23.3 EH\/s by early 2023<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/tgDetL9upF\">https:\/\/t.co\/tgDetL9upF<\/a><\/p>\n<p>\u2014 Marathon Digital Holdings (@MarathonDH) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MarathonDH\/status\/1534994806174367758?ref_src=twsrc%5Etfw\">June 9, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Keep_on_mining\"><\/span>Keep on mining<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In fact, Schumacher made the point that as the price of Bitcoin declines, so does the number of people that can continue to mine profitably, which will force inefficient miners out and also decrease the difficulty of mining new blocks. <\/p>\n<blockquote><p>\u201cWhen the difficulty rate declines, those who are able to continue mining have the opportunity to earn more bitcoin.\u201d<\/p><\/blockquote>\n<p>Bitcoin\u2019s current hash rate, also known as Bitcoin\u2019s processing power, fell from an all-time-high (ATH) of 231.428 EH\/s on June 12 to 205.163 EH\/s at the time of writing.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/00fc828c-694b-4227-94b6-514641f5dc80.PNG\"><\/figure>\n<p>A more pronounced effect occurred a year ago after China\u2019s crackdown on cryptocurrency mining facilities, which went from a hash rate market peak of 180.666 in May 2021 to 84.79 in July 2021.\u00a0<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Price_meets_average_cost_of_mining\"><\/span>Price meets average cost of mining<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Last week, crypto market data and analytics platform CryptoRank highlighted that on June 16, the price of BTC was on par with the average cost of mining, noting that for some, it may even be unprofitable to mine at the moment.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> Price Drops to Average Cost of Mining <\/p>\n<p>Due to a significant drop in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> price over the past months, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24mining&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$mining<\/a> has become less profitable. For some <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> miners, it might even be unprofitable at the moment.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/nYhYMYoYXp\">https:\/\/t.co\/nYhYMYoYXp<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/WOjCUSkG7x\">pic.twitter.com\/WOjCUSkG7x<\/a><\/p>\n<p>\u2014 CryptoRank Platform (@CryptoRank_io) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoRank_io\/status\/1537746361503866881?ref_src=twsrc%5Etfw\">June 17, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Markus Thielen, chief investment officer of digital asset manager IDEG Singapore, told Cointelegraph that there could be fallout from the mining industry as most had set their budgets in Q4 2021, before the change in market conditions. <\/p>\n<blockquote><p>\u201cWe actually expect that there will be some fall out as most of the miners appeared to set their 2022 budgets in early Q4 2021 and market conditions have materially changed.\u201d<\/p><\/blockquote>\n<p>Thielen said they estimate that several of the smaller miners that do not have economies of scale will have a break-even rate of around $26,000 to $28,000.\u00a0Bitcoin is currently priced at $20,085 at the time of writing.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Bitcoin heads for dismal weekly close as BTC price rejects at $20K<\/em><\/strong><\/p>\n<p>Last week, a report by S3 Partners identified Marathon Digital Holdings as being one of the U.S.-listed companies with the most short-seller interest alongside MicroStrategy and Coinbase. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/marathon-digital-keeps-on-mining-despite-btc-price-slump\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Marathon Digital keeps on mining despite BTC price slump &#8220; Despite data showing that the Bitcoin (BTC) price may have fallen to the point of being unprofitable for the average miner, Marathon Digital Holdings says it will continue working to accumulate the leading crypto asset.\u00a0 Charlie Schumacher, VP of Corporate Communications at Marathon Digital&#8230;<\/p>\n","protected":false},"author":1,"featured_media":465562,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvYmNiODIwM2YtMThmNC00ZDE3LWI2MjMtZjk3OGM5OTNiMDdkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74989,74937,75462,75042],"class_list":["post-465561","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-mining","tag-bitcoin-price","tag-hash-rate","tag-mining"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/465561","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=465561"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/465561\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/465562"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=465561"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=465561"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=465561"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}