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

The Bitcoin mining hardware purchase will be one of the biggest purchases of crypto mining hardware in history

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

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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