Marathon Digital to Expand Hashrate by 600% With Record Purchase of Bitcoin Miners
Marathon Digital is purchasing a record number of Antminer S19 XP (140 TH/s) bitcoin miners from Bitmain, the Nasdaq-traded company announced Thursday.
Las Vegas-based Marathon did not disclose a total but said that in exahashes per second (EX/s) that the new machines will generate, the deal was the largest single order of Antminer S19 XP bitcoin miners ever from Bitmain.
Following earlier purchases this year, Marathon expects to have 199,000 operational miners generating 23.3 EH/s by early 2023, a 600% hash rate increase from current levels, the company confirmed to CoinDesk.
The fast-growing miner revised predictions from the fall when it expected to have 133,000 operational miners generating 13.3 EH/s by mid-2022.
As of Dec. 1, Marathon had 31,000 operational miners, producing 3.2 EX/s.
At the time of publication, Marathon Digital shares were up nearly 12% in Thursday trading.
Marathon has made multiple, large purchases of miners this year, and in October, it secured a $100 million revolving line of credit with Silvergate Bank in bitcoin and U.S. dollars and said it would use the loan to fund the company’s bitcoin mining operations and to acquire new equipment.
“Given the strength of our balance sheet and our asset-light model, which allows us to invest our capital into mining machines rather than infrastructure, we were uniquely positioned to place the largest single order of S19 XPs, in terms of total hash rate, BITMAIN has ever received,” Marathon CEO Fred Thiel said in a press release.Source