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. By the end of May, Marathon had $290.4 million in cash and cash equivalents on its balance sheet.
Compared to 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.
Following the Bitcoin halving at the end of April, mining companies had to adjust their operational strategies to cope with the decline in revenue. Some miners chose to scale up and increase efficiency to stay competitive, with Marathon Digital being one of them. CEO Fred Thiel stated:
At the same time, Marathon is also exploring overseas expansion. The company recently announced a partnership with the Ministry of Energy and Petroleum of the Republic of Kenya to optimize renewable energy projects across the country. Another initiative includes a pilot project in Paraguay aimed at optimizing its energy infrastructure. Thiel noted:
