Marathon, one of America’s most highly regarded bitcoin mining firms, has announced that Bitmain, a manufacturer of bitcoin mining machines, entered into an agreement for a purchase. They will be able to purchase an undisclosed amount of Antminer S19XP models. This ASIC can deliver 140 TH/s and is more efficient than previous versions. Marathon plans to house 199,000 miners in 2023.
Marathon keeps buying miners
Marathon Digital Holdings (one of the biggest bitcoin mining firms in the world) announced today that it has entered into a new buy agreement with Bitmain. This agreement will enable the company to acquire a variety of mining machines that can be used to increase its hashrate capacity for next year. Antminer S19XPs are the latest Chinese manufactured miners that can deliver 140 TH/s mining power and is more energy efficient than their predecessors.
Although the manufacturer didn’t provide details about how many miners it ordered under this agreement, they did say that it expected more than 199,000 miners to produce 23.3 EH by 2023. According to Marathon CEO Peter Thiel this will result in a 600% increase in the company’s capacity compared with its current hashrate. Thiel further explained that the following:
We were able to place the biggest single S19 XP order in Bitmain’s history due to our strong balance sheet and asset-light structure, which permits us to invest capital into mining machines instead of infrastructure.
An Year of Growth
Marathon announced this today, closing a successful year in growth. Marathon has been constantly securing miners to its plants all across the United States. Marathon, a Bitmain company, reported last August that it had purchased 30,000 S19j Pro mining machines. It was estimated that the new batch of miners would bring 13 additional EH/s to the already existing mine power. It cost $120 million to purchase the miners.
The company also announced earlier in the month that it has secured hosting for over 100K miners through a partnership with Compute North. This would allow them to supply most of these mines with renewable energy, such as solar or wind.
It even stated that the company planned to raise $500 million through senior notes for bitcoin acquisitions or to purchase more mining equipment in bitcoin.
What do you think about Marathon’s latest deal with Bitmain? Please comment below.
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