Marathon, a bitcoin mining company, has revealed that it has acquired 254 megawatts new hosting agreements with the possibility to grow to 324 megawatts. Marathon’s latest expansion deals should support the bitcoin mining firm’s intended goal of securing approximately 23.3 exahash per second (EH/s).
Marathon Secures 254 MW of Bitcoin Mining Capacity — Firm Aims to Have 23.3 EH/S by 2023
Marathon, a publicly traded bitcoin miner (Nasdaq : MARA), has secured 254 MW hosting agreements. There is also the possibility to add 324 MW from one or more hosting providers. The news follows the outage Marathon experienced in mid-June in Montana when a storm knocked out operations and the company’s devices went offline.
Securing 254 MW of power will allow Marathon to reach the company’s 2023 goal to obtain 23.3 exahash per second (EH/s) of processing power. “With these new arrangements, we believe we have now secured enough hosting capacity to support our target of achieving approximately 23.3 [exahash] per second of computing power for bitcoin mining in 2023,” Fred Thiel, Marathon’s chairman and CEO, said on Monday. Thiel said:
[Each facility]It is currently under construction which allows for faster installations. Installations will ramp up at additional locations during the fourth quarter and into 2023, as miners are expected to move in to these facilities.
Marathon Signs Deals with Compute North and Applied Blockchain
Marathon, and other bitcoin mining companies saw significant growth during Q4 2021. This resulted in the purchase of thousands more next-generation mining equipment from manufacturers. BTC mining profits in 2022 were much lower, and some reports indicate that bitcoin miners are feeling the strain of falling BTC prices.
Luxor Technologies co-founder, Cleanspark, estimated at the end of June that approximately $4 billion of loans secured by crypto mining rigs was in trouble. After securing thousands of miners at a discounted rate, the bitcoin miner Cleanspark explained the crypto winter has brought “unprecedented opportunities.”
Marathon stated in Monday’s announcement that it signed two agreements with Applied Blockchain Inc (Nasdaq APLD). It obtained 200 MW in Applied Blockchain’s July 12th auction, and signed a Compute North deal on July 5 to add 42 MW.
“Applied Blockchain’s facilities are currently under construction,” Marathon detailed. “Based on construction schedules, installations of Marathon’s miners are expected to begin at these facilities during the fourth quarter of 2022 with all miners installed by approximately mid-year 2023.”
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