Bitcoin mining company Marathon Digital sold 390 Bitcoins in May, accounting for more than 63% of the 616 Bitcoins it produced that month, according to a monthly report released by the company. Marathon had $290.4 million in cash and cash equivalents on its balance sheet as of the end of May.

The volume sold by Marathon in May is most notable when compared to other mining company figures. Rival Riot Platforms did not announce any Bitcoin sales in May, while its production for the month reached 215 Bitcoins. Meanwhile, CleanSpark also produced 417 Bitcoins last month, but only sold 2.43 of them.

After the Bitcoin halving at the end of April, mining companies must adjust their operating strategies to cope with the decline in revenue. Some miners will choose to expand scale and improve efficiency to remain competitive. Marathon Digital is one of them. CEO Fred Thiel said:

“In May, we mitigated the impact of April’s halving event by increasing the number of blocks won, resulting in us producing 616 Bitcoins, a decrease of only 27%. As of May 2024, Marathon won 170 blocks blocks, an increase of 32% compared to April.”

Marathon, meanwhile, is 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 mix. Thiel pointed out:

"Our goal is for overseas revenue to account for 50% of total revenue by 2028."

This article Marathon, the largest Bitcoin mining company, sells 63% of its production in the first month after the halving appeared first on Zombit.