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HomeBitcoinMarathon Eyes Another Bitcoin Selloff After 704 BTC Sale in Dec

Marathon Eyes Another Bitcoin Selloff After 704 BTC Sale in Dec

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Marathon Digital Holdings, Inc. is eyeing another Bitcoin (BTC) selloff after it sold 704 BTC, which is 38% of its December production, to cover operating expenses. With a total of 15,174 BTC in its holdings and significant cash reserves, the company maintains a focus on enhancing liquidity in anticipation of the next Bitcoin network halving.

Marathon’s December BTC Production

In a recent release, the company announced that it achieved record BTC production in December, mining 1,853 BTC, marking a substantial 56% increase from November 2023 and an impressive 290% surge year-over-year. Out of this, 704 BTC tokens were sold in December 2023 to cover operating expenses. Considering the average BTC closing price of $42,546 in December 2023, the sale value shouldn’t be less than $30 million.

As Marathon prepares for another BTC selloff, it is expected to close the acquisition of two sites from Generate Capital in January 2024 for approximately $178.6 million. Marathon’s Chairman and CEO, Fred Thiel, outlined the company’s vision for 2024, targeting a 30% growth in energized hash rate and aiming to reach 50 exahashes within the next 18 to 24 months.

Also Read: Over 200K Bitcoins Worth $9 Bln On Move Causes Panic, What’s Happening?

Whilst, international expansion is underway, with progress reported in Abu Dhabi and a joint venture in Paraguay. Moreover, Marathon’s MaraPool witnessed a significant surge in transaction fee collection. In December 2023, MaraPool collected over 380 BTC in transaction fees, representing 22% of BTC production. This indicates a rise year-over-year as transaction fee collection was 12% of the production last year.

Bitcoin Price Surge And Pullback

The Bitcoin price surged by 9% since January 1, 2024, and attained a high of $45,899.71 before crashing below the $43,000 mark. However, the crypto’s value rebounded in today’s trading session. As of writing, the BTC price was up by 2.40% as it traded at $43,378.42 on Thursday, January 4, 2024.

Currently, it has a market cap of $850.96 billion, indicating an increase of 2.44%. However, the 24-hour trade volume of the crypto slumped by 25.67% to $31.86 billion. Owing to the recent recovery, the 1-month gains amount to nearly 5%. Whilst, in the past month the crypto added about 2% to its value.

Earlier, Coingape reported that Ali Martinez, a renowned crypto analyst, warned against a similar surge and pullback trend in future. In a post on X, he stated that he predicted Bitcoin to hit $50,000 soon. However, he also noted that the bullish rally could be followed by a pullback. Martinez suggested that BTC could experience a 40% correction in price after climbing to $50,000.

Also Read: The US Govt. Holds More Bitcoins Than MicroStrategy, Major Selling In 2 Months

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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