Marathon Digital Holdings, a company that specializes in mining Bitcoin (BTC), is now believed to be the second most publicly traded enterprise in terms of Bitcoin shareholding.
According to an anonymous third-party data, Marathon Digital CEO Fred Thiel claimed during the company’s third-quarter earnings report on Nov. 8 that the company currently holds 11,300 Bitcoin, worth about $195 million at time of writing.
The NASDAQ-listed cryptocurrency miner is rated second only to MicroStrategy Inc., which holds approximately 130,000 total Bitcoin, according to CoinGecko. Following close behind are crypto exchange Coinbase and payments firm Block Inc.
On Nov. 8, the firm released its third-quarter results, reporting that the quarter saw 616 Bitcoin added to its holdings, with another 615 Bitcoin acquired in October alone, the company’s most productive month ever.
Thiel stated during the conference call that the substantial increase in their Bitcoin production is the direct outcome of boosting their hash rates by getting more Bitcoin servers up and upgrading those servers.
The CEO of Marathon Digital also stated that up to this point, the firm has not sold any Bitcoin. This approach will be maintained unless it is considered “necessary to cover operating expenses or other expenses.”
In contrast, other prominent miners including Argo, Bitfarms, Core Scientific, and Riot Blockchain reported selling cryptocurrencies to cover their expenses.
After leaving Hardin and starting operations in new places, such as the Texas wind farm King Mountain, Thiel described the third quarter as a moment of “transition and rebuilding.”
Rival Bitcoin mining company Riot Blockchain also released third-quarter earnings on November 7 that fell short of analyst predictions.
Due to “significant curtailment activities” linked to its operations in Texas and a large drop in the market price of Bitcoin compared to previous years, the company’s overall revenue decreased by 28.5% in the third quarter while its net loss increased by 139.2%.
