Largest Bitcoin mining company in the world sells 63% of mined BTC

Marathon Digital, the largest Bitcoin mining company in the world, announced the sale of more than 60% of all Bitcoins (BTC) it has mined since the last halving, which took place at the end of April.

This significant move highlights the company’s strategy in a post-halving adjustment scenario, a crucial event that halves the rewards for BTC mining.

According to Marathon’s monthly report, the company sold 390 BTC in May, representing more than 63% of its total production of 616 BTC in the same period. At the end of May, Marathon had US$290.4 million in cash and cash equivalents on its balance sheet.

Marathon’s high-volume sale of BTC stood out compared to other miners. Riot Platforms, for example, did not report BTC sales in May, despite having produced 215 BTC. CleanSpark produced 417 BTC last month, but only sold a small fraction of 2.43 BTC.

Bitcoin Miners

Bitcoin miners are adjusting their operations following the latest halving, which halves the rewards for mining BTC every 210,000 blocks, or roughly every four years. The last halving took place on April 20, reducing miner rewards from 6.25 BTC to 3.125 BTC per block mined.

Fred Thiel, president and CEO of Marathon Digital, explained that the company mitigated the impact of the April halving by increasing the number of blocks mined, resulting in the production of 616 BTC in May, a drop of just 27%. In May 2024, Marathon mined 170 blocks, a 32% increase compared to April.

Bitcoin miners are looking to expand their fleets and improve efficiency to remain competitive as rewards dwindle. CleanSpark, for example, is “highly active in the M&A space.” The company expects to complete the acquisition of recently purchased sites in Wyoming in the coming weeks as it pursues “additional opportunities.”

Marathon, in turn, is exploring international expansion. The company recently announced a partnership with the Ministry of Energy and Petroleum of the Republic of Kenya to optimize renewable energy projects in the country.

Another movement includes a pilot project in Paraguay, aiming to optimize its energy structure. “Our goal is to have 50% of revenues coming from abroad by 2028”, highlighted Thiel.