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

Bitcoin, Ethereum Technical Analysis: BTC Back Above $40,000, ETH Eyes $3,000 as Fed Meeting Looms
Bitcoin, Ethereum Technical Analysis: BTC Back Above $40,000, ETH Eyes $3,000 as Fed Meeting Looms Following days of consolidation, bitcoin rallied above $40,000 on Tuesday, which
Bank of Russia Sees No Place for Crypto in Financial Market, Finalizes Digital Ruble Prototype
Bank of Russia Sees No Place for Crypto in Financial Market, Finalizes Digital Ruble Prototype In advance of presenting its comprehensive view on crypto regulations, the Central Ba
US Accounting Watchdog Issues Warning on Crypto Proof-of-Reserve Audits: Investors Urged to Exercise Caution
US Accounting Watchdog Issues Warning on Crypto Proof-of-Reserve Audits: Investors Urged to Exercise Caution According to a recent warning by the U.S. Public Company Accounting Ove
Polkadot’s Gavin Wood to Give Lecture Series as Part of UC Berkeley Blockchain Curriculum
Polkadot’s Gavin Wood to Give Lecture Series as Part of UC Berkeley Blockchain Curriculum University of California, Berkeley and Parity Technologies are joinin
Weekend Wrap: Crypto VC scores TKO, Trump speech reacts, and more
Martin Young4 hours agoWeekend Wrap: Crypto VC scores TKO, Trump speech reacts, and moreAva Labs’ vice president of engineering moves on, Nic Carter wins an MMA fight, and Trump’s pro-Bitcoin stance at the 2024 confe
Bitcoin Cash Represents 93% of November’s Crypto Spending in Australia
Bitcoin Cash Represents 93% of November"s Crypto Spending in Australia News.Bitcoin.com recently reported on web portal Bitcoinbch.com’s in-depth report, which detailed BCH
Fireblocks launches Web3 startup toolkit amid a surge in new ventures
Alex O’Donnell8 hours agoFireblocks launches Web3 startup toolkit amid a surge in new venturesThe number of startups using the Web3 platform has already increased by some 50%, according to Fireblocks.5732 Total views1
Coinbase Makes Shiba Inu Crypto Available to New York Residents After Adding SHIB Trading Pairs
Coinbase Makes Shiba Inu Crypto Available to New York Residents After Adding SHIB Trading Pairs The Nasdaq-listed crypto exchange Coinbase has made shiba inu cryptocurrency availab
Internet Computer users pledge $80M to decentralize its project ecosystem
Martin Young11 hours agoInternet Computer users pledge $80M to decentralize its project ecosystemThe DFINITY Foundation’s newly released ecosystem report revealed the community committed more than 6.5 million ICP token
Gareth Jenkinson1 minute agoHut8 relocates 6,400 rigs, sees growth in AI & high performance computingBitcoin mining firm Hut8 continues to relocate miners from idle North Bay site as demand for AI and high power comp
Tether’s Stablecoin Dominance Drops Below 80% as Audit Controversy Lingers On
Tether"s Stablecoin Dominance Drops Below 80% as Audit Controversy Lingers OnThe total volume of stablecoins in circulation is closing in on the $20 billion mark, while the market-l
Solana Price To Drop To Double Digits? Major Levels To Watch For Entries
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