Bitcoin mining companies MARA, formerly Marathon Digital and Hut 8 have announced significant Bitcoin purchases. More and more businesses are looking to accumulate the top cryptocurrency.
MARA increased the amount of Bitcoins purchased from a previous announcement made last week. 15574 Bitcoins at an estimated total cost of $1.53 billion. First revealed last week that it had purchased 11,774 BTC worth $1.1billion. Thursday's announcement points to the firm adding another 3,800 BTC at a price around $400 million.
The added tally boosts MARA's treasury reserve to 44,394 BTC—over $4.4 billion worth. Hut 8 announced that they added 990 bitcoins at an approximate $100 million price, giving them 10,096 BTC in their reserve.
MARA raised more than $2 billion in convertible notes across two different offerings. October You can also find out more about the following: December. In the past calendar year, the company’s Bitcoin holdings have nearly tripled. The most recent SEC documents.
While Marathon’s average price of purchase was around $98,529 per Bitcoin, Hut 8 acquired its 990 Bitcoin for an average cost of $101,710—both marks above the current Bitcoin price of $97,951.
“We believe deeply in our operating business and that building a strategic Bitcoin reserve will fortify our financial position as we pursue large-scale growth initiatives across power and digital infrastructure,” Asher Genoot was named CEO at Hut 8 in 2009. A statement.
Two Bitcoin mining companies rank among the top six Bitcoin-holding publically traded companies. Bitcoin Treasuries data. MARA has fallen by over 5% today, but Hut 8 is down nearly 7%. Mirroring the crypto-market plunge which took place in early afternoon.
Bitcoin Mining It is the act of verifying and adding new blocks to the Bitcoin blockchain. This requires large amounts of hardware and energy. Typically, miners today are large companies with warehouses full of expensive, cutting-edge computers, as individual miners are rarely able to win blocks—though It happens every now and then.
Andrew Hayward edited the book
