Mining

Marathon Digital commit whopping $879m to acquire more Bitcoin miners

In a sensational move for the mining industry, Marathon Digital Holdings (MARA) – a leading commercial mining operation – has committed to purchasing 78,000 Antminer S19XP ASICs from the Chinese mining giant Bitmain Technologies.

At a staggering cost of $879m, the deal represents one of the largest purchases of mining hardware that the digital asset industry has ever witnessed.

Bitmain are a market leader in the production of costly Application Specific Integrated Circuits (ASICs) that are used by commercial-level miners for the SHA-256 Bitcoin hash.

Marathon’s order will begin to be fulfilled in the summer at a rate of 13,000 ASICs per month.

Marathon expansion follows impressive year for MARA

It cannot be understated how big a move this is for Marathon – which currently runs around 103,000 ASIC machines – the new order will nearly double the mining capacity of the firm’s operations.

This represents a significant commitment to expansion from the company, likely as part of a strategy that will seek to maximise the potential of the 2022-2024 mining period ahead of the next scheduled BTC halving event.

The double-down nature of the deal comes following a remarkable year for Marathon’s stock MARA – which has outperformed Bitcoin – posting an impressive 210% return the past year to date.

Re-investing into larger scale operations now could yield the firm serious profits in 2025 following the next Bitcoin halving event.

Read More: Blackrock invests $384m in digital mining firms

Sam Cooling

London-based crypto journalist Sam Cooling studied at the London School of Economics (LSE) before working as a Data Technology Consultant for the Fairtrade Foundation. Coin Rivet combines his passion for technology writing with his zeal for the Decentralised Finance revolution. Sam loves providing daily regulatory and alt coin coverage. Outside of the crypto world Sam loves boxing, and spends his time working with NGOs in Zambia.

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