MarathonDigital: Bitcoin's 80% Plunge Will Make It Unprofitable

On November 18, Fred Thiel, CEO of Marathon Digital (MARA.US), said the company's Bitcoin breakeven point was around $ 6,500 including energy and storage costs. Although the price of Bitcoin has fallen by around $ 60,000 from its all-time high of $ 68,991 this week, it still has to drop 80% to break. Thiel said: "It is a fact that the market is very profitable. We are very happy with our current price because Bitcoin should have lost 80% against us." This split estimate warns people that Bitcoin's mining profits could hurt large companies and explains why Marathon's shares have almost quintupled this year. The company plans to upgrade its operations and plans to use 130,000 previously purchased machines by mid 2022. (Phoenix Net)