Marathon Digital to buy more mining rigs from Bitmain

August 3, 2021

Nasdaq-listed Marathon Digital Holdings, one of the largest enterprise Bitcoin mining companies in North America, has entered into a contract with Bitmain to purchase an additional 30,000 Antminer S19j Pro (100 TH/s) miners for $120.7 million, the company announced Monday.

Based on current delivery schedules, Marathon anticipates all 30,000 newly purchased miners to ship from Bitmain between January 2022 and June 2022. As a result, the company’s mining operations are expected to consist of more than 133,000 Bitcoin miners, producing approximately 13.3 EH/s once all miners are fully deployed and operational.

If all of Marathon’s miners were deployed today, the company’s hash rate would represent approximately 12% of the Bitcoin network’s total hash rate, which was approximately 109 EH/s as of August 1, 2021.

“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, Marathon will be growing it’s operations by 30% to approximately 133,000 miners, producing 13.3 EH/s, he said. As a result, once all miners are fully deployed, it’s mining operations will be among the largest, not just in North America, but globally.

Antminer Sales Director of North, Central, and South America (NCSA) at Bitmain Irene Gao commented, “Marathon is a key customer of Bitmain’s, and we appreciate the opportunity to support their growth with another large order for 30,000 of the industry’s most powerful and efficient miners. We look forward to continuing to collaborate and build upon this mutually beneficial relationship.”

 

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