Marathon Patent Group menginvestasikan $ 150 juta dari cadangannya di BTC
The CEO of mining giant Marathon, Merrick Okamoto, said on Monday that the company had acquired 4,813 Bitcoins. Apparently, the management of the enterprise believes so much in the BTC bull market that part of the treasury reserve was transferred to Bitcoins
Merrick Okamoto confirmed this. He wrote that by investing free funds in BTC, the company improves its potential and makes investments in the future. This is a better long-term investment than holding assets in dollars, as many short-sighted companies do.
The deal was made through cryptocurrency service provider NYDIG. The purchase was completed on January 21st. Only a couple of hours passed from the moment of creation to the completion of the transaction. The company paid about $31,135 for one BTC coin.
In 2020, Marathon shares rose by a record amount of 892%, while Bitcoin rose by about 300% in a year. In January, the company raised $250 million in a funding round, so there was cash to spare.
The company has been operating since 2017 with earnings from mining reaching 1.5 to 2 Bitcoins per day. Its production capacity is 2560 mining rigs. To expand its potential, Marathon acquired 100,500 S19 miners from Bitmain valued at $270 million.
The dispatch of the purchased equipment will take place at the beginning of this week. After deploying new installations, the total hash rate will be 10.34 exahashes, which will give her 55-60 Bitcoins per day.
Plus, thanks to the partnership with Beowulf Energy, Marathon has access to cheap electricity.
According to Merrick Okamoto, now the average cost of electricity for mining cryptocurrencies is $0.05-0.06 per kWh. Thanks to Beowulf, mining costs for Marathon are just $0.028 per kWh.
This lowers the mining price of one BTC coin from $7,700 to $4,400. So the company has a real chance to become the largest BTC miner on the planet.