Marathon Digital Adds Bitcoin Stash With $100M Purchase

The world's largest Bitcoin mining company, Marathon Digital, has announced the purchase of $100 million worth of BTC, which is up from more than 20,000 BTC.

According to the press release, Marathon is changing its approach to Bitcoin Treasury policy and adopting a full HDOL strategy. This means that the miner will keep all the BTC produced during its operation and from time to time will make additional open market purchases.

Marathon accepts the BTC HODL strategy

Salman Khan, Marathon's chief financial officer, revealed that the mining institution will hold all bitcoins until 2023. The company shed some of its assets last year to cover operating costs and try to stay afloat.

Bitcoin's current tailwind, improving macro environment and increasing institutional support have given them reason enough to hold a marathon into BTC and focus on growing the bush. Thanks to its strong balance sheet, the company has taken advantage of bitcoin's recent decline to hold some additional assets.

Fred Thiel, Chairman and CEO of Marathon: “Adopting a full HODL strategy demonstrates our belief in the long-term value of bitcoin. We believe that Bitcoin is the world's best treasury asset and supports the idea that it contains sovereign wealth funds. We encourage governments and corporations to hold Bitcoin as a reserve asset.

Marathon separates income

The latest BTC purchase comes as Marathon works to diversify its revenue and mining operations. A month ago, the company announced that it had earned nearly $15 million from mining its decentralized community-run network Caspa.

In particular, Marathon is not the only Bitcoin miner that has branched out into other networks and sectors; While some organizations are getting into artificial intelligence (AI), others are providing computing services or mining various cryptocurrencies. Since Bitcoin's gold mining rewards dropped by 50 percent in April, affected companies have begun to spread their wings in different directions to stay in business.

Bitfinex analysts say that due to bitcoin's recent recovery, mining operations will no longer be profitable. Although such entities have not exerted significant downward pressure on the price of bitcoin, Bitfinex experts have seen signs on the chain that it has finished selling BTC to upgrade machinery and continue operations.

Meanwhile, Marathon Digital is using the heat from its Bitcoin mining operation to heat a Finnish community of about 11,000 residents.