Marathon Digital Will Stick to its BTC Accumulation Strategy

Mining firm Marathon Digital Holdings will continue to accumulate BTC reserves despite the current price drop, the company’s Vice President Charlie Schumacher has said.

According to him, while the firm’s operations are “not immune from the macroeconomic environment,” it is “well positioned” to weather the current market downturn.

He has added:

“For reference, in the first quarter of 2022, the cost of producing 1 BTC for us was approximately $6,200. We also have a fixed price for electricity, so we are not subject to changes in the energy market.”

He has emphasized the price of Bitcoin has a significant impact on the financial results of Marathon due to reporting in dollars. However, for an objective assessment of activities, the company prefers to focus on the production of cryptocurrency.

He has said:

“Of course, Bitcoin is worth less per dollar at the time of production, but if you believe in the ability of the asset price to rise in the long term, then earning more BTC is never a bad thing.”