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Marathon Digital Lends 16% of Bitcoin Reserves for Yield
In a bold move, Marathon Digital Holdings, a leading Bitcoin mining company, has decided to lend out a substantial portion of its Bitcoin reserves. The company has agreed to lend out approximately 7,377 BTC, accounting for roughly 16% of its total reserves.
According to the recent reports, this decision was taken with the intention of generating modest yield through these short-term contracts. It is essential for Marathon Digital Holdings to explore alternative means of income generation due to the fluctuating price of Bitcoin and the increasing costs associated with mining operations.
Marathon’s Director of Investor Relations, Robert Samuels, has stressed the reliability of these partnerships with third parties. He emphasized that the counterparties involved are “well-established,” indicating a high level of trust in these agreements.
It is worth noting that Marathon Digital Holdings’ previous ventures have not been without controversy. In December last year, the company expanded its Bitcoin holdings by 11,774 BTC through zero-interest convertible bonds. This significant increase was aimed at strengthening the company’s financial position and bolstering long-term growth initiatives.
As part of its diversification strategy, Marathon has also invested in artificial intelligence (AI) and computing technologies to address mining challenges and support sustainable expansion efforts.
Source: http://www.crypto-news-flash.com
