Bitcoin miner Marathon Digital recently sold $300 million of convertible notes to buy 4,144 bitcoins, following the strategy of MicroStrategy, whose executive chairperson Michael Saylor borrowed money to buy bitcoin on a large scale, making his company one of the largest holders of bitcoin in the world. Marathon Digital's move reflects the plight of the mining industry: mining profits have plummeted and miners have had to find other ways to stay afloat. Due to the halving of bitcoin and the increasing difficulty of mining, Marathon Digital opted for a "full HODL" strategy, keeping all the bitcoin mined and buying more through debt financing. This strategy aims to increase the company's reserves by holding bitcoin and opportunistic purchases at market lows, hoping that future bitcoin price increases will lead to higher investment returns. Industry experts believe that as bitcoin mining margins decline and pressure on mining companies increases, debt financing may recover across the industry. Marathon's strategy is seen as a pragmatic option to address current industry challenges, while also reflecting its confidence in the long-term value of bitcoin.