Marathon Digital has been holding the mined Bitcoin since October 2022 and as of today, holds nearly 10.000 BTC in its account.
This month, the price of Bitcoin has plummeted to record lows. Its value has fallen so much that, for an average miner, crypto mining is not profitable in many cases. However, in the midst of this context, Marathon Digital Holdings has explained that they will continue working and that they will accumulate the cryptocurrencies they extract.
Marathon Digital's Vice President of Corporate Communications, Charlie Schumacher, explained that: “While the company is not immune to the macro environment, it is fairly well insulated and well positioned to withstand the current downturn, due to the low cost of operations and the fixed price of energy.”
In this sense, Marathon has explained that its exploitation continues to be beneficial, since for its company, Each Bitcoin has an average production cost of approximately $6.200.
The crypto mining company has also explained that they have always focused on the value of its production and in the accumulation of BitcoinThis way, your accounts are not affected by the change in the value of the asset.
Even though the price of Bitcoin is lower at the time of its extraction, if you think that the asset will appreciate In the future, earning BTC is never a bad thing.
In this regard, Marathon declared on June 9 that they had been Accumulating Bitcoin since October 2020 and that, as of June 1, the company held about 9.941 BTC, which is currently worth around $200 million.
Marathon Digital has also pointed out that the fact that Bitcoin has lost value will be good for the industry, since will eliminate all “inefficient miners”, which will cause the difficulty of network mining.
This way, when the difficulty is reduced, the remaining miners will be able to make greater profits.
After reaching an ATH on June 12 of 231,428 EH/s, Bitcoin’s hash rate has dropped slightly in recent days, to 205,163 EH/s, as shown by Blockchain.com hash data.
InvestAnswer and the three catalysts for Bitcoin price
On the other hand, this weekend, the cryptocurrency analyst InvestAnswers has pointed out what could be “the three catalysts that will push the price of Bitcoin down.”
According to the analyst, the first catalyst that could push the price of Bitcoin from $20.000 to $10.000 could be the Bitcoin sell-off by Michael Saylor and MicroStrategy, or a large forced liquidation.
Another catalyst could be the Tether implosion. If Tether were to lose its peg to the dollar and its value fell, as happened with UST, the price of Bitcoin would be greatly affected.
Finally, the third catalyst would be the fall of Three Arrows Capital, which has large investments in Solana, Avalanche, and other blockchain projects.
However, the analyst explains that this perspective is somewhat alarmist and that too much FUD (Fear, Uncertainty and Doubt) is being generated and that we are also facing a scenario in which there are three catalysts that could Shoot the price of Bitcoin up.
First, the price of Bitcoin could skyrocket if the US government approves the first cash ETF of Bitcoin. Another event that could trigger the price would be the fact that a big company buys Bitcoin and put it on its balance sheet. The third catalyst would be a purchase by some national treasury or the legalization as legal tender by any sovereign country.
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