According to the monthly report released by Bitcoin mining company Marathon Digital, the company sold 390 bitcoins in May, accounting for over 63% of the 616 bitcoins produced that month. As of the end of May, Marathon had $290.4 million in cash and cash equivalents on its balance sheet.
Compared to data from other mining companies, Marathon’s sales volume in May was the most notable. Its competitor, Riot Platforms, did not disclose any bitcoin sales in May, while producing 215 bitcoins that month. Meanwhile, CleanSpark produced 417 bitcoins last month, but only sold 2.43 of them.
After the Bitcoin halving at the end of April, mining companies had to adjust their operational strategies to cope with declining revenues. Some miners chose to expand their scale and increase efficiency to stay competitive, and Marathon Digital was one of them. CEO Fred Thiel stated:
Meanwhile, Marathon is also exploring overseas expansion. The company recently announced a collaboration with the Republic of Kenya’s Ministry of Energy and Petroleum to optimize renewable energy projects across the country. Another initiative includes a pilot project in Paraguay aimed at optimizing its energy infrastructure. Thiel noted: