Cryptocurrency News

Marathon is Expanding its BTC Mining Operation With Nearly $900 Million Worth of Mining Machines

By January 4, 2022 No Comments

Marathon Digital Holdings, a Las Vegas-based Nasdaq-traded company aiming to build the largest mining operation in North America, has ordered 78,000 ANTMINER S19 XP Bitcoin miners, each capable of processing 140 terahashes per second (TH/s).

Key takeaways:

  • Marathon initially announced the order on December 23, while the pricing information and further details were made public last Tuesday.
  • Marathon has agreed to pay roughly $11,200 per mining rig. The whole order includes 78,000 units, for a grand total of $879 million.
  • According to Marathon CEO Fred Thiel, the recently penned deal with Bitman represents the largest order of ANTMINER S19 XP machines to date.
  • The BTC miners will be delivered in six batches – 13,000 units per month from July to December. Likewise, the massive $879 million sum will be paid out in several phases, following each subsequent shipment of Bitmain’s machines.
  • In the press release detailing the notable mining expansion, Thiel noted that the massive order of S19 XPs will increase Marathon’s total hash rate by 600%, to 23.3 EH/s by early 2023.
  • The North American region has become the leading mining hub after Chinese authorities effectively shut down the cryptocurrency mining industry within the country last year. According to data from CBECI, the US commands a 35% share of hash rate ahead of Kazakhstan’s 18% and Russia’s 11%.
  • The Bitcoin hash rate had achieved a new historic peak of 207.5 exahashes per second (EH/s) on Saturday, just a few days before Bitcoin celebrated its 13th anniversary.