Marathon, one of the leading bitcoin mining companies in North America announced it has entered a new purchase agreement with Bitmain, a bitcoin mining machine manufacturer. This deal would allow them to acquire an undisclosed number of Antminer S19 XP models, an ASIC capable of delivering 140 TH/s while being more efficient than its previous iterations. Marathon hopes to host 199,000 miners by early 2023.
Marathon continues to buy minors
Marathon Digital Holdings, one of the world’s largest bitcoin mining companies, announced today that it has entered into a new purchase agreement with Bitmain. The deal will allow the company to procure a number of mining machines to increase its hashrate capacity next year. The machines purchased are Antminer S19 XP, one of the latest miners developed by the Chinese manufacturer, capable of delivering 140 TH / s of mining power while being more energy efficient than its predecessors.
While the manufacturer did not explain how many miners were ordered in this new agreement, it did estimate that with this new batch of miners, which are expected to ship between July 2022 and December 2022, it will have more than 199,000 miners producing 23.3 EH of hashrate by 2023. This will constitute an increase of 600% in its capacity when compared to its current hashrate, according to Peter Thiel, CEO of Marathon. He further elaborated, stating that:
Given our strong balance sheet and light asset model, which allows us to invest our capital in mining machinery rather than infrastructure, we were uniquely positioned to place the largest single order of S19 XP. , in terms of total hash rate, Bitmain has ever received.
A Year of Growth
This announcement closes a year of growth, in which Marathon has constantly secured miners for its facilities all around the United States. Last August, Marathon reported the purchase of 30,000 S19j Pro miners, also from Bitmain, At that time, the company estimated that this batch would add 13 EH/s to its already existent mining power. The cost of the miner batch was $120 million.
In addition, earlier this month, the company announced that it had secured the hosting of more than 100,000 miners under a deal with Compute North, which would also allow them to power most of these. miners with renewable energies, in particular solar and wind turbines.
The company even communicated it had planned to raise $500 million in senior notes to acquire bitcoin or more bitcoin mining machines in November.
