Marathon Digital Holdings Sells Some of Its Bitcoin for the First Time

The cryptocurrency mining company Marathon Digital Holdings has sold part of its Bitcoin (BTC) holdings for the first time in the last two years, making it the second biggest publicly-listed holder of Bitcoin.

The firm reported in an update that was published on February 2 that throughout the month of January it had sold 1,500 BTC, which is equivalent to $35.3 million at the current pricing.

Charlie Schumacher, vice president of corporate communications for Marathon, said that despite the fact that some crypto miners have been compelled to sell Bitcoin owing to the current market conditions, this is not the case for Marathon.

Schumacher said that Marathon had been diamond-handling its Bitcoin up to this point because the company did not want to sell while output was down. Marathon has been positive on the long-term prospects of the most prominent cryptocurrency.

Marathon, however, plans to enter the new year with a “war chest” of liquidity that will be comprised of both cash and Bitcoin. Additionally, the company intends to continue paying down its debt and increasing its cash balances.

In addition, Schumacher said that the recent price increase of bitcoin was a factor that led to the decision to sell part of its assets.

The price of Bitcoin broke beyond the $24,000 threshold for the first time since August, when it did so in the month of January.

Even after the transaction, Marathon was able to bring its total unconstrained Bitcoin holdings to 8,090 BTC for the month, which is equivalent to $189.8 million.

Marathon said that it has greatly increased Bitcoin output over the month of January, creating 687 BTC. This figure indicates a 45% increase in production in comparison to the amount produced during the previous month. The chairman and CEO of Marathon, Fred Thiel, stated the following in the latest update: “The improvement in our bitcoin production was primarily a result of our team’s ability to work in tandem with the new hosting provider in McCamey, Texas, to address the maintenance and technical issues at the King Mountain data centre that had suppressed our bitcoin production in the fourth quarter of 2022.” This information was provided in a May 4 update from the previous year. Marathon had stated that the last time it had sold any Bitcoin was on

When questioned how it had been able to avoid selling the primary product of its business operations, Schumacher referred to the company’s minimal staff, which consisted of “32 individuals as of today,” and argued that it was the outcome of strong long-term financial plans.

According to CoinGecko, Marathon is the second-largest publicly listed holder of Bitcoin. The software analytics business MicroStrategy is the largest publicly listed holder of Bitcoin. According to MarketWatch, the company’s stock has increased by 135% so far this year to a price of $8, which has led to a huge increase in the share price that it has been reporting over the last few days.


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Peter Thiel Calls Bitcoin Surge Sign of a “Crisis Moment”

Key Takeaways

  • According to Peter Thiel, the high price of Bitcoin is a possible sign the US economy may be witnessing inflation.
  • Thiel made the comment during his keynote address at the second National Conservatism Conference (NatCon) in Florida.
  • Previously, Thiel admitted that he felt underexposed to the asset class and that he wished he had bought more Bitcoin.

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At an event on Sunday, Peter Thiel, the co-founder of PayPal and Palantir Technologies, claimed that Bitcoin’s sharp rise was a sign of the ongoing rise in inflation.

Peter Thiel Reiterates Bitcoin Is Bad News For Central Banks

According to Peter Thiel, rising Bitcoin prices may be an indicator that economic inflation is real.

During his keynote address at the second National Conservatism Conference (NatCon) in Florida, Thiel stated that the high Bitcoin price was a possible sign that the US economy may be witnessing inflation fueled by the expansion of the dollar supply.

According to a Bloomberg report, the tech entrepreneur and billionaire added that the asset’s price increase was a sign of a “crisis moment.”  Thiel criticized the Federal Reserve for not acknowledging inflation risks and for continuing to issue money.

“You know, $60,000 Bitcoin, I’m not sure that one should aggressively buy,” Thiel said, before adding, “surely what it is telling us is that we are having a crisis moment.”

Notably, Thiel has reiterated his views on Bitcoin following his remarks on Oct. 20 when he referred to Bitcoin’s price of $66,000 as a “complete bankruptcy moment” for central banks. Viewing it as a hedge against inflation, Thiel admitted that he felt underexposed to the asset class and that he wished he had bought more Bitcoin.

In 2020, the U.S. Federal Reserve expanded the nation’s money supply by trillions of dollars to cope with the Covid-19 pandemic, which many critics argue has been the primary contributing factor behind increased prices across the board.  In fact, during Sep. 2021, price inflation in the US grew at its fastest pace in more than 30 years.

Bitcoin is often viewed as a hedge against inflation.  With the rise of inflation, Bitcoin, which is trading at just under $62,000, is expected to see continued interest among institutions and individual investors going forward. The recent launch of an ETF product has made it easier for US investors to gain Bitcoin exposure.

Besides Bitcoin, Thiel has also invested in other crypto projects, including BitDAO, EOS, and Bullish.

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Early meeting of E-Gold founders may hold clue to Satoshi Nakamoto’s identity — Peter Thiel

PayPal co-founder and billionaire venture capitalist Peter Thiel believes he may hold a clue on how to find Satoshi Nakamoto, Bitcoin’s (BTC) pseudonymous creator who disappeared two years after mining the cryptocurrency’s genesis block in January 2009. 

His theory stems from an early meeting of E-Gold founders in February 2000, where roughly 200 people coalesced around a beach in Anguilla to devise a strategy for promoting a new currency system that could challenge central banks. E-Gold was a digital gold currency that folded in 2007 after its founders were indicted by the United States Justice Department.

“I met them on the beach in Anguilla in February of 2000,” Thiel told a cryptocurrency conference in Miami on Wednesday, referring to the E-Gold founders. “My sort of theory on Satoshi’s identity was that Satoshi was on that beach in Anguilla.” He further explained:

“We were beginning the revolution against the central banks on the beach in Anguilla. We were going to make PayPal interoperable with E-Gold and blow up all the central banks.”

E-Gold’s failure may have given Satoshi the foresight to remain anonymous when building its successor. “Bitcoin was the answer to E-Gold, and Satoshi learned that you had to be anonymous and you had to not have a company,” Thiel said.

Related: Satoshi Nakamoto statue goes up in Budapest

Not everyone is convinced that Nakamoto was behind earlier e-cash protocols. Dustin D. Trammell, one of the first cypherpunks to mine Bitcoin, told Cointelegraph Brasil in March that Nakamoto lacked bias in implementing new technology, which implies they were approaching the project with a fresh perspective.

Nakamoto’s 2008 white paper has spawned a multi-trillion-dollar crypto industry, with tens of thousands of digital assets vying for a piece of the pie. Bitcoin is in the midst of a historic week, having shattered new all-time highs above $67,000 on Wednesday.