1. Policy Pivot: From HODL to “Strategic Liquidation” Hidden inside Marathon Digital’s Q-3 report is a seismic shift: the company will now sell part of its freshly-minted coins to fund day-to-day operations. The announcement lands as hash-price trades at a multi-month low of ~$43.1 per PH/s/day and network difficulty keeps grinding higher. With energy cost per coin mined at $39 235 and transaction-fee income a meagre 0.9 % of revenue, the math is brutal. Marathon’s treasury still holds 52 850...

1. Policy Pivot: From HODL to “Strategic Liquidation” Hidden inside Marathon Digital’s Q-3 report is a seismic shift: the company will now sell part of its freshly-minted coins to fund day-to-day operations. The announcement lands as hash-price trades at a multi-month low of ~$43.1 per PH/s/day and network difficulty keeps grinding higher. With energy cost per coin mined at $39 235 and transaction-fee income a meagre 0.9 % of revenue, the math is brutal. Marathon’s treasury still holds 52 850...