Fun

Publicly Listed Bitcoin Miner Marathon Purchases 30,000 Mining Rigs from Bitmain

News Feed - 2021-08-04 03:08:48

Publicly Listed Bitcoin Miner Marathon Purchases 30,000 Mining Rigs from Bitmain


On Monday, the publicly listed bitcoin mining firm Marathon Digital Holdings announced that it purchased 30,000 S19j Pro Antminers from Bitmain. According to the company, once the new lot of mining rigs are fully deployed, Marathon will gain 13.3 exahash per second (EH/s) from the newly added machines. Marathon Buys 30K Miners for $120 Million


On August 2, Marathon Digital Holdings, Inc. (Nasdaq:MARA) revealed the bitcoin mining company has acquired 30,000 S19j Pro Antminers. Depending on the model, S19j Pro processes SHA256 hashrate at around 100 to 104 terahash per second. A single S19j Pro machine using today’s BTC prices, current mining difficulty, and electricity at $0.12 per kilowatt-hour (kWh), can profit by $29 per day. According to the announcement, the machines cost around $120.7 million for the entire lot.


Marathon says that it anticipates all 30,000 newly purchased miners to be delivered between January 2022 and June 2022. This timeframe shows lead times for newly produced mining rigs from today’s top manufacturers can be quite lengthy. Marathon says after the rigs are fully deployed it will get an added 13.3 EH/s and “more than 133,000 bitcoin miners” under the company’s ownership.


“If all of Marathon’s miners were deployed today,” the mining firm’s announcement details, “the company’s hashrate would represent approximately 12% of the Bitcoin network’s total hashrate, which was approximately 109 EH/s as of August 1, 2021.” Marathon CEO Thinks It’s the Perfect Time to Add New Miners to the Firm’s Fleet


Fred Thiel, Marathon’s CEO, emphasized during the announcement he thinks it is the perfect time to purchase mining rigs. “Increasing our percentage of the total network’s hash rate increases our probability of earning bitcoin, and given the uniquely favorable conditions in the current mining environment, we believe it is an opportune time to add new miners to our operations,” Thiel said. Marathon’s CEO added:


“With this new order, we are growing our operations by 30% to approximately 133,000 miners, producing 13.3 EH/s. As a result, once all miners are fully deployed, our mining operations will be among the largest, not just in North America, but globally.”


The number of bitcoin miners in North America has been growing. Firms like Marathon, Riot, Hut8, Galaxy Digital, Hive Blockchain, Ankr, Argo Blockchain, Atnorth, Bit5ive LLC, Bitfarms, Bitfury, Bitquest, Compute North, Core Scientific, and more have been purchasing a lot of mining rigs over the last year. Marathon settled a record-breaking mining rig acquisition in December 2020, when the firm purchased 70,000 bitcoin miners from Bitmain.


What do you think about Marathon purchasing 30,000 bitcoin miners from Bitmain? Let us know what you think about this subject in the comments section below. Bitcoin Difficulty Increases 6% — It"s Still 48% Easier to Find BTC Blocks Than It Was 30 Days Ago MINING | 2 days ago IT Specialist Caught Mining Cryptocurrency at Police Headquarters in Poland MINING | 2 days ago Tags in this story $120 Million, 30K Miners, 70k Miners, Antminer, Antminer S19, ASIC miners, Bitcoin Miners, Bitmain, BTC miners, Marathon, Merrick Okamoto, Miner Purchase, NASDAQ:MARA, North America, S19 Miners


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Ethereum Climbs Back To $2,700 – Bulls Ready For A Breakout?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Russia Negotiating Free Trade Deal With India to Facilitate Imports in the Face of Sanctions
Russia Negotiating Free Trade Deal With India to Facilitate Imports in the Face of Sanctions Russia is in the process of negotiating a free trade deal with India in order to substi
Alibaba Suspends Sale of Cryptocurrency Mining Hardware on Its Platform
Alibaba Suspends Sale of Cryptocurrency Mining Hardware on Its Platform Alibaba, the Chinese e-commerce giant, has announced it will no longer allow the sale of cryptocurrency mini
It’s Too Soon to Write Libra’s Crypto Obituary
To paraphrase Mark Twain, rumors of the nation-state’s demise are greatly exaggerated. The exits of Mastercard, Visa, Paypal and four other firms from the Libra consortium ca
7-Eleven, CVS, Rite Aid: Libertyx Adds 20,000 Stores to Buy Bitcoin With Cash
7-Eleven, CVS, Rite Aid: Libertyx Adds 20,000 Stores to Buy Bitcoin With CashLibertyx has expanded its network to include 20,000 7-Eleven, CVS, and Rite Aid Pharmacy stores where cu
Coinbase’s Stand With Crypto initiative to launch in Canada
Turner Wright7 hours agoCoinbase’s Stand With Crypto initiative to launch in CanadaThe group hinted at advocating for crypto regulation in Canada and updating the country’s financial system, as residents had an “ap
Terra’s Crypto Tokens UST and Luna Classic Mysteriously Pumped This Week, UST Climbed by 470%
Terra"s Crypto Tokens UST and Luna Classic Mysteriously Pumped This Week, UST Climbed by 470% After the downfall of the two most popular crypto assets on the Terra blockchain, the
Russia Plans to Allow Mining of Any Cryptocurrency, Lawmaker Unveils
Russia Plans to Allow Mining of Any Cryptocurrency, Lawmaker Unveils Newly proposed legislation aims to permit the minting of any cryptocurrency in Russia, a prominent lawmaker has
Brian Quarmby2 hours agoNifty News: The Flash goes Web3, Yuga Labs still working hard on ‘audacious’ Otherside project and moreThe Sandbox added a new major IP to its virtual world, a portfolio management startup rai
FTX Contract Deployer Unlocks 192 Million FTT, Exchange Token’s Questionable Tokenomics Highlights Red Flags
FTX Contract Deployer Unlocks 192 Million FTT, Exchange Token’s Questionable Tokenomics Highlights Red Flags Following the collapse of FTX and the exchange filing bankruptcy on N
Bitcoin’s next leg could hit $110K, despite ‘lower highs and lower lows’
Ciaran Lyons3 hours agoBitcoin’s next leg could hit $110K, despite ‘lower highs and lower lows’The “next leg” could push Bitcoin’s price as high as $110,000 as the cycle low has kicked in, according to severa
Relictum Pro Thrives in Bear Market with Its Token Price Surging 4 Times
Relictum Pro Thrives in Bear Market with Its Token Price Surging 4 Times press release PRESS RELEASE.After being listed on LBank Exchange on September 29, 2022, Genesis Token (GTN),