MicroStrategy Bought Another $29.3M in Bitcoin!

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MicroStrategy bought another $29.3M in Bitcoin; Marathon Digital breaks quarter record with Bitcoin (BTC); Arbitrum offers new governance recommendations.

MicroStrategy again bought 1,045 BTC for 29.3 million on April 5 at an average price of $28,016 per Bitcoin.

As of April 4, 2023, MicroStrategy has 140,000 BTC purchased for $4.17 billion at an average price of $29,803 per Bitcoin.

MicroStrategy, which has been on the agenda frequently with Bitcoin purchases, has a total loss of more than 300 billion dollars. MicroStrategy, which made the second Bitcoin purchase in 2023, increased the number of Bitcoins in its hands to 140,000 with this last purchase. With his last investment, the average cost of one Bitcoin held by MicroStrategy was $29,803.

MicroStrategy bought another 1,045 Bitcoins for $29.3 million at an average price of $28,016 per Bitcoin. As of 4/4/2023, MicroStrategy holds 140,000 Bitcoins purchased for $4.17 billion at an average price of $29,803 per Bitcoin.

According to the statement MicroStrategy reported to the US Securities and Exchange Commission (SEC) on March 27; Between February 16 and March 23, he announced that he bought 6,455 Bitcoins, worth 150 million, at an average of $ 23,238.

Marathon Digital breaks quarter record with Bitcoin (BTC)

Bitcoin (BTC) mining company Marathon Digital reported that it mined 2,195 BTC worth $62 million in the first quarter of 2023, breaking a three-month record.

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Marathon, in its statement the other day, announced that the 2,195 BTC issued increased by 74 percent compared to the first quarter of last year, and by 41 percent compared to the 4th quarter of 2022.

As it is known, Marathon has increased its operational hash rates by 195 percent since the first quarter of 2022.

Marathon Digital broke a record by issuing 825 BTC monthly last March. This figure, worth $23.3 million, indicates a 21 percent increase in production compared to February.

Marathon Digital CEO Fred Thiel said in a statement that the company has made remarkable progress in realizing its two main initiatives for 2023. Marathon’s initiative was to energize previously purchased mining machines to reach 23 exahash by the end of the second quarter and optimize performance.

The company has now fully reached its target, increasing its operational hashrate from 7.0 exahash on January 1 to 11.5 exahash as of March 31.

Marathon management also attributed the increase in productivity to bringing 25,900 Bitcoin miners online at various facilities in North Dakota and increasing its fleet to 105,200 mining rigs as of April 1.

Marathon announced that its operational improvements cleared some of its balance sheet by paying off $50 billion in debt, in addition to repaying its loan to Silvergate Bank, which is now failing.

The company said it completed the quarter with approximately $124.9 million in unlimited cash and 11,466 BTC, which equates to over $450 million. However, Marathon also underlined that the figures are not audited.

On the other hand, Marathon plans to maintain its operational efficiency by purchasing a new Antminer S19 XPs Bitcoin mining rig, which is said to be around 30 percent more efficient than the Antminer S19 Pro.

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After installing these mining equipment, it was stated that approximately 66 percent of Marathon’s hash rate will come from S19 XPs.

Arbitrum offers new governance recommendations

After the turmoil caused by the first failed governance attempt, the Arbitrum Foundation has released a series of new improvement proposals.

Ethereum Layer 2 solution Arbitrum announced the new Arbitrum Improvement Proposals (AIP) for the management of the network the other day.

The new offerings include AIP-1.1, which covers smart contract locking program, spending, budget and transparency. AIP-1.2, on the other hand, addresses changes to existing founding documents and lowers the bid limit from 5 million Arbitrum (ARB) tokens to 1 million ARB to make governance more accessible.

Making statements on the subject on Twitter, Arbitrum confirmed that Arbitrum DAO had reached a consensus against its first proposal, AIP-1.

Arbitrum held by the community

As is known, the Arbitrum Foundation stated that AIP-1 will most likely not be implemented due to community backlash. The token holders objected to the proposal, arguing that it covers too many issues, and denounced the granting of approximately $1 billion worth of ARB tokens to the foundation.

Arbitrum then backed down and announced that it would not take control of the tokens.

“The Foundation will not transfer any of the 700 million tokens remaining in the Administrative Budget Wallet until an acceptable budget and smart contract lockdown program are approved by the DAO.”

“The Arbitrum Foundation also released a transparency report that “explains the steps taken to get the DAO up and running.”

However, two new AIPs have been released on the Arbitrum community forum. It will reportedly be open to feedback for at least 72 hours before the instant vote, which is scheduled to last a week.

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