Bitcoin miner Marathon Digital recently sold $300 million of convertible notes to buy 4,144 bitcoins, mirroring MicroStrategy's strategy, a move that reflects the mining industry's woes: Mining profits have plummeted and miners have had to find other ways to stay afloat. Marathon recently posted on X that rather than buying more mining equipment, "given the current mining hash price, the internal rate of return (IRR) suggests that it is better for shareholders to use debt or equity issued funds to buy bitcoin until things improve." "Hash price" is a measure of mining profitability. Fred Thiel, Marathon's chairperson and chief executive, said in a statement last month: "Adopting a comprehensive HODL strategy reflects our confidence in the long-term value of Bitcoin. We believe Bitcoin is the best Treasury reserve asset in the world and support the idea of sovereign wealth funds holding Bitcoin. We encourage both governments and corporations to hold Bitcoin as a reserve asset."