Nevada-based crypto mining firm Marathon Patent Grouping has invested $150 meg in Bitcoin as a reserve asset.

Marathon announced today that information technology has purchased more than 4,812 Bitcoin (BTC) for $150 meg through the New York Digital Investment Group — an average price of $31,168 per coin. Chairman and CEO Merrick Okamoto said the move was "a ameliorate long-term strategy than belongings US Dollars," comparing the Bitcoin purchase to companies similar MicroStrategy, the business concern intelligence firm that made an initial $425-million crypto investment last year and has since bought more than coins.

Okamoto said:

"Past purchasing $150 1000000 worth of Bitcoin, nosotros have accelerated the process of building Marathon into what we believe to be the de facto investment pick for individuals and institutions who are seeking exposure to this new asset class."

The visitor expanded its operations significantly in 2020 in an apparent endeavor to become North America's largest Bitcoin miner, installing Whatsminer M30S+ ASICs in June 2020 and purchasing 10,000 Antminer S-19 rigs in Oct 2020. Okamoto said that Marathon was expecting to have more 100,000 miners "delivered and fully deployed" past the cease of the first quarter of 2022.

"If all miners were operational today, based on the Bitcoin network's current difficulty charge per unit, we would produce approximately 55-sixty bitcoins per day," the CEO said. "However, past leveraging our cash on hand to invest in Bitcoin now, we accept transformed our potential to be a pure-play investment into a reality."

The crypto mining business firm bought the dip, as its Bitcoin purchase reportedly came only earlier the coin rose back above $34,000 afterwards falling below $30,000 final week. At the time of publication, the cost of Bitcoin is $34,461, having risen more than vii% in the terminal 24 hours.