Miners are taking steps both on a daily basis as well as strategically to take advantage of a changed Bitcoin environment.
On Feb. 26, Marathon Patent Group changed its name to Marathon Digital Holdings. Marathon, which is one of North America’s largest crypto miners, stated that the change reflects the new nature of its business. Formerly a miner, Marathon Digital Holdings now focuses on two areas: mining crypto and investing into digital assets.
The name change is only the latest reflection of Marathon’s expanded vision. On Jan. 25, Marathon bought $150 million in Bitcoin, or about 5,000 BTC. This marked the company’s first foray into the open market for purchasing crypto instead of selling it. The Bitcoin purchased went to the company’s treasury.
Bitcoin to the Treasury
Marathon’s purchase reflects a growing trend outside of the cryptocurrency mining field as well. Replacing cash with BTC in a corporate treasury grew famous with the rise of MicroStrategy, which, under CEO Michael Saylor, initiated such purchases in August 2020.
MicroStrategy has even shared its know-how regarding corporate treasury purchases. On Feb. 7, the company held a two-day seminar precisely on this topic and sent links to supporting documentation. Representatives of 6917 companies attended the online event.
BTC Day Trade Change
One thing that a cryptocurrency miner can do that a business analytics firm cannot, overall, is mine cryptocurrency at an industrial scale. Miners are changing the way they operate as well, which gives a hint about the crypto world as they see it on the everyday level.
Cryptocurrency analytics firm Glassnode released a chart on Feb. 27 showing that on the 26th, miners as a whole kept more Bitcoin than they sold on the market for the first time since December. More accurately, the Miner Net Position Change (MNP Change) turned positive; more miner rewards were created than sold by them on the 26th. The last time this happened was on Dec. 27, or just before the next wave of Bitcoin ATHs began.
Put it all Together
The long-term changes by the likes of Marathon attract attention. So do the short-term change such as the MNP Change. That’s not all, though.
Messari Research’s Mira Chistanto tweeted on Feb. 27 that “Miners believe in Bitcoin. They wouldn’t be in crypto if they didn’t believe”. And she asks about miners, “what happens when they stop selling and start buying BTC?”
Now we know. They pivot to become “cryptocurrency and digital asset management” companies.
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