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MARA Lends 16% of Bitcoin Reserves, Boosts Hashrate
In a surprising move, cryptocurrency miner MARA has announced it will lend out 7,377 BTC – a staggering 16% of its total reserves – to generate modest single-digit yields. The decision is aimed at offsetting operating expenses and boosting revenue.
As per the report, this short-term loan scheme will bring in an interest income of $3.9 million during Q3 2024. MARA’s impressive performance in the cryptocurrency space has led it to mine a total of 9,457 BTC and acquire an additional 22,065 BTC in 2024 at an average price of $87,205, resulting in a massive reserve accumulation of $4.4 billion by year-end.
The company has also showcased its robust operational performance amid growing interest in Bitcoin lending, as it reported a realized hashrate of 47 EH/s in December, slightly below its energized capacity of 53 EH/s. This significant development indicates the miner’s unwavering commitment to expanding its presence in the digital asset space.
It is essential to note that this move will directly impact MARA’s ability to increase its computing power and boost its overall hashrate. By lending out a substantial portion of its reserves, MARA is taking a bold step into the Bitcoin lending market, which could see significant growth as the cryptocurrency industry continues to evolve.
MARA’s decision may be seen as a strategic one by some, as it allows the company to offset expenses and generate additional income. However, only time will tell if this move pays off in the long run for MARA and its stakeholders.
This development is an important update that warrants attention from investors, traders, and enthusiasts alike. We will continue to monitor the situation closely and provide updates on any significant changes or developments.
Source: coinpedia.org
