Digital Assets: Marathon Buys 30,000 Antminers For $120.7M

August 2, 2021 | Digital Assets, News
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Bitmain, the vendor, will deliver the machines in the first half of 2022.

Marathon Digital Holdings (NASDAQ: MARA) has placed an order on Bitmain for the supply of 30,000 numbers of its flagship bitcoin mining hardware the AntMiner S19j Pro. The order, valued at $120.7 million will be fulfilled between January 2022 and June 2022. Marathon would thereafter have a capacity of over 133,000 bitcoin miners. (Marathon)

Successful execution of the order could result in Marathon becoming the largest bitcoin miner in the US by 2022. Its 133K miners, when deployed and operational, would produce about 13.3 EH/s, constituting approximately 12% of the bitcoin network’s total hash rate.

“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,” said Fred Thiel, Marathon’s CEO. “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.”

Bitcoin and climate concerns

In May Marathon announced an agreement with Compute North to host approximately 73,000 of Marathon’s previously purchased Bitcoin miners as part of a new 300-megawatt data center located in Texas.

Marathon then said that 70% of its operations would be carbon neutral.

The company intends to achieve, ultimately, a 100% carbon neutral footprint.

Last week, Bitmain led a $32.5 million private placement in Applied Blockchain Inc, which will set up mining hosting facilities housing up to 500 megawatts of power.

“The crackdown on mining operations in China created a unique opportunity for us to launch our own hosting operations with our current partners as well as add another blue-chip partner,” said Applied Blockchain, Inc.’s CEO and Chairman, Wes Cummins.

Related Story:  Corporates Dip-Buy Bitcoin; Marathon Invests $150M

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