Marathon Digital sold a large chunk of its Bitcoin production in May as miners adjusted operations after the halving event.
Mining firm Marathon Digital has sold over 60% of all Bitcoin (BTC) it has mined since the halving took place in late April.
According to Marathon’s monthly report, it sold 390 Bitcoin (BTC) in May, representing more than 63% of its 616-BTC production during the month. As of the end of May, Marathon had $290.4 million in cash and cash equivalents on its balance sheet.
The large volume of BTC sales in May stood out compared to other miners’ figures. Riot Platforms, for instance, disclosed no BTC sales in May, while production reached 215 BTC. Meanwhile, CleanSpark produced 417 BTC last month but sold only a small portion of 2.43 BTC.