The mining company Marathon Digital sold 63% of all bitcoins (BTC) it mined since the halving that took place at the end of April.
As of the end of May, Marathon had $290.4 million in cash and cash equivalents on its balance sheet.
This volume of BTC sales stood out compared to other miners. For example, Riot Platforms did not report any BTC sales in May, despite mining 215 bitcoins. CleanSpark mined 417 BTC last month but sold only 2.43 BTC.
Miners are adjusting their operations following the latest Bitcoin halving, which halves the BTC mining reward every 210,000 blocks, or approximately every four years. The latest reduction occurred on April 20, reducing the reward for miners from 6.25 BTC to 3.125 BTC per block.
In May 2024, Marathon Digital mined 170 blocks, which is 32% more than in April.
Bitcoin miners are striving to improve their technical capabilities and increase efficiency to remain competitive in the face of reduced rewards. CleanSpark, for instance, is said to be «very active in mergers and acquisitions». The company plans to close its recently acquired facilities in Wyoming in the coming weeks while exploring «additional opportunities».
Meanwhile, Marathon is exploring expansion opportunities abroad. 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 step includes a pilot project in Paraguay aimed at optimizing its energy structure.
Bitcoin miners can help optimize energy infrastructure by acting as a flexible load to stabilize the grid. They can quickly adjust energy consumption based on grid needs, absorbing excess renewable energy during high supply periods and reducing consumption during peak demand times.
