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Marathon Digital buys 30,000 bitcoin mining machines for $120M

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Joyashree Dey Follow

INDIA

Aug, 03 2021

Aug, 03 2021

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Marathon Digital Holdings, one of the North America’s biggest Bitcoin mining companies has agreed to enter into a contract with Bitmain for purchasing 30,000 Antminer S19j Pro bitcoin mining machines at a cost of $120 million.

According to the current delivery schedules, the US based bitcoin mining firm expects all 30,000 newly bought miners to ship from Bitmain between January to June of the upcoming year. Once all the mining machines are fully installed and operational, Marathon’s mining operations are likely to consist of more than 133,000 Bitcoin miners, manufacturing approx. 13.3 EH/s.

CEO of Marathon Digital Holdings Fred Thiel made an announcement indicating the advantages of such an impressive occurrence in the global hash rate distribution. Expecting for more than 10% of bitcoin’s current total hash rate, he further added, “Increasing our percentage of the total network’s hash rate increases our probability of earning Bitcoin, and given the uniquely favourable conditions in the current mining environment, we believe it is an opportune time to add new miners to our operations,”

Following China’s crackdown, North American companies are expected to control a large portion of the Bitcoin mining industry. Long before Beijing’s actions against illicit crypto mining, U.S and Canada based big mining companies levelled up their capacity with new inventory from the two giant Bitcoin makers in the market- Bitmain and MicroBT.

The global hash rate migration may improve the carbon footprint linked with Bitcoin mining. Among the leading list of U.S miners, Marathon Digital Holdings reportedly dedicated to ‘green mining’. In near future Marathon has been planned to be in the publicly listed bitcoin mining firms.

Based on the company’s progress report dated in June 30, operating mining fleet consisted of approx. 20,000 units of Bitmain’s S19s with approx. 2.09 EH/s of computing power that were stored in its own facility in Hardin site.

Chinese Bitcoin miners have started to set up shop in Kazakhastan, with the immediate effect for increasing in the mining hash rate.


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Joyashree Dey

CBW - External Analyst

INDIA

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