Marathon Digital has scooped up $100 million worth of Bitcoin
Marathon Digital CEO Fred Thiel said that the company intended to go"full HODL," which means that the company intends to retain all of its mined coins while also making additional purchases on the open market. The strategy is supposed to show the company's confidence in its long-term value, according to Thiel.
E-car manufacturer Tesla as well as Hut 8 and Riot Platforms, two other major mining companies, are also in the top five when it comes to their Bitcoin holdings. According to a recent report by investment bank Jeffries, Bitcoin mining profitability experienced an increase last month, with the hashrate declining by 5%. Miners had a much-needed respite after their bottom line was hit by the recent halving event. Many Bitcoin miners are now trying to capitalize on the artificial intelligence craze as a way to cope with declining profits.
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