Marathon Digital Holdings Added More Bitcoin Miners Worth $900M

By early 2023, the mining business intends to have 199,000 operating equipment producing 23 EH/s.


Marathon’s Record Breaking Purchase

Marathon Digital Holdings, a publicly traded bitcoin mining business, announced a “record purchase” of Bitmain ASIC rigs last week, which will cost over $879 million and boost the miner’s fleet by 78,000 units, according to a Tuesday filing with the Securities and Exchange Commission (SEC).

Marathon revealed last week that it had signed into an agreement with Bitmain to acquire a record number of bitcoin mining rigs. It provided a lot of details about the deal.

More Miners By Early 2023

The company didn’t say how many miners it bought or how much they cost at the time. The information has now been revealed in an SEC filing. The $879,060,000 deal will add around 78,000 new Antminer S19 XP miners to Marathon’s fleet.

“WITH THIS LATEST PURCHASE OF S19 XPS, WE WILL BE GROWING OUR BITCOIN MINING OPERATIONS TO ABOUT 199,000 TOTAL MINERS AND 23.3 EH/S BY EARLY 2023.”– MARATHON CEO FRED THIEL SAID LAST WEEK IN A STATEMENT.

Marathon will get 13,000 miners per month from Bitmain between July and December 2022. The firm will pay 35 percent of the deal’s value within two days of contract execution, according to the conditions of the agreement.

Marathon will pay 35 percent of a batch’s pricing at least six months before that batch’s shipment date. The final 30 percent one month before that batch’s shipment date.

About Marathon Digital Holdings

Marathon is one of the most well-known bitcoin miners on the stock exchanges in the United States. The company, which trades on the Nasdaq under the ticker “MARA,” has outperformed the price of Bitcoin thus far this year. The miner has increased by 212.90 percent year to far, while BTC has increased by 64.40 percent.

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