Bitcoin Mining Firm Marathon Buys 10,000 More Antminers
Bitcoin mining firm Marathon Patent Group Inc. has purchased even more Antminer S19 Pros as it looks to boost its mining hashrate.
The agreement to buy a further 10,000 mining devices from Bitmain comes less than two months after it announced it was buying 13,560 S19s.
Marathon announced the new purchase yesterday and said the mining rigs would begin to arrive at its US-based mining farm in January 2021, and be fully installed by June 2021.
Once they have all the devices it will give Marathon ‘a total hashrate of 2.56 EH/s, making it the largest self-miner in North America.’
Speaking of the purchase, Marathon CEO, Merrick Okamoto, said, ‘We are pleased to announce the continued growth of our mining operations against the backdrop of recently increasing Bitcoin prices.’
The purchase by Marathon is another vote of confidence for the North American Bitcoin mining industry as more hashrate moves west away from China.
The purchase also coincides with the Bitcoin price rising, which has no doubt given the industry a boost, and given miners extra liquidity to invest.
Marathon Ramping Up Its Bitcoin Mining Operations
As well as investing heavily in the latest Bitcoin mining equipment, Marathon has been working on reducing its energy cost to ensure it remains competitive in the global industry..
Last month, the company announced it had agreed a deal with US power producer Beowulf Energy to attain cheap energy for its Bitcoin mining operations.
The partnership with Boeuwolf will see Marathon build a Bitcoin mining facility and data hub close to Beowulf’s Hardin Generating Station.
The new site will be on 20 acres of land adjacent to the Generating Station, a 105-megawatt power station in Hardin, Montana.
Marathon will install 11,500 S19 Pro Antminers at the mining complex, which is expected to have the capacity to generate 1.265 EH/s Bitcoin mining power, and with an option to expand to 3.32 EH/s.
The deal will lower Marathon’s aggregate mining costs by 38%, and make the Nasdaq-listed company fire proof if the Bitcoin price was to drop.
2021 Will Be a Big Year For Bitcoin Mining
Marathon Patent Group Inc. is certainly not holding back when it comes to investing in Bitcoin mining equipment.
In the space of two months the US-based mining firm has bought 23,560 Bitmain’s flagship Antminer S19 Pros.
At 110 TH/s the S19 Pros are the most powerful mining rig on the market and will generate most profits for any Bitcoin miner.
Of course it’s not just Marathon who are expanding its operations. In August, Riot Blockchain ordered 8,000 S19 Pros, which is believed to have given the Colorado-based firm a hashrate of 1.45 EH/s.
Whereas, Washington-based Core Scientific made what is believed to be the biggest purchase of mining equipment when it ordered $42 million worth of Bitmain’s latest ASICs mining rigs.
Bitcoin Maximalist also reported how MicroBT was expanding its operations to deal with demand for its latest mining equipment the Whatsminer M30S.
The demand for the latest mining equipment is outstripping supply significantly, and every company is on a lengthy waiting list.
It all bodes well for the security of Bitcoin, which relies on the Bitcoin hashrate.
And as we have seen with regular all time highs, the Bitcoin hashrate is likely going to keep rising, and who would bet that the Bitcoin price won’t follow suit?
Author: Pablo Clarke
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