Marathon Digital Acquires BTC Miners Worth $121 Million from Bitmain

Divya  |  Aug 3, 2021

Digital asset technology company Marathon has purchased additional BTC mining equipment from Bitmain. According to a press release published on Monday, the North American crypto mining giant has procured 30,000 Antminer S19j Pro (100 TH/s) units for a total of $120.7 million. The company expects the new hardware to be shipped in the first half of the next year.

Marathon Digital Adds 30,000 BTC Miners to Its Operations

With the addition of newly purchased miners, Marathon’s total mining capacity will move beyond 133,000 rigs, generating around 13.3 exahashes per second (EH/s). Once all the miners have been deployed, Marathon would account for 12% of the Bitcoin network’s total hash rate.

Commenting on the benefits of integrating more hardware, Marathon’s CEO Fred Thiel said, “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 estimated that the agreement with Bitmain would establish Las Vegas-based Marathon as one of the front runners of North America’s Bitcoin mining scene. 

North American Mining Industry’s Growth After Chinese Crackdown

China’s crackdown on cryptocurrency mining has scaled back the country’s contribution to the global BTC hash rate. It has also triggered a mass migration of mining firms and handed a bigger share of the industry to North America. Meanwhile, crypto miners in Canada and the United States have expanded their operations with more equipment and new facilities to gain an edge in the battle brewing over the region’s market.

Some industry observers expect that the diversification in the mining landscape would lead to a simultaneous decrease in emission from crypto miners. Whit Gibbs, the CEO, and founder of US-based BTC miner Compass estimates that mining operations in the US are supported by more than 50% renewable energy. Marathon is also one of the firms committed to carbon-neutral crypto mining. The company is targeting 70% carbon neutrality for its operations by 2022.

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