At the time of reporting, Bitcoin is trading at price $29,884 with market cap $567.38B.
Mining bitcoin (BTC) has grown less economical as the cryptocurrency’s price has fallen, with popular equipment like Bitmain’s Antminer S9 losing money at six cents per kilowatt hour electricity pricing. Miners that don’t want to shut down their rigs can attempt to raise money in the debt or equity markets, as well as sell off their bitcoin holdings.
Argo Blockchain (ARBK) indicated in an analyst call for its first quarter results that it plans to seek loans and sell part of its bitcoin to meet expenses. Core Scientific (CORZ), the world’s largest miner by hashrate, has already sold some of the bitcoin it has mined this year and intends to do so in the future. Riot Blockchain (RIOT), a proven HODLer, sold roughly half of its mined bitcoin in April after selling a significant amount in March.
In a May 30 statement, Cathedra Bitcoin said it sold 235 bitcoins over the month to increase liquidity and “isolate” itself from additional price drops. Due to storms damaging its North Dakota facility, the firm had a difficult April, running at 45 percent of planned hashrate for the whole month.
Marathon Digital (MARA) also hinted that it would sell some of its bitcoin on its earnings call in early May.
The most recent note comes from Digihost, a Toronto-based company that announced today that it sold a portion of its bitcoin mined to assist cover energy bills.
(Image: Canva pro)
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