Marathon Digital Holdings To Invest $120 Million For 30000 New Antminer

Company Marathon Digital Holdings, Inc. has announced today that it will spend $120.7 million on the purchase of 30,000 more Bitcoin mining units.

Marathon Digital Holdings, Inc., one of the major bitcoin mining businesses in North America, stated today that it will purchase 30,000 additional Antminer S19J Pros for $120.7 million in total.

Fred Thiel, CEO Marathon Digital Holdings

According to a press statement from Marathon, the new machines will be available between January and June next year. If deployed today, the ASICs would yield roughly 13.3 EH/s, accounting for about 12% of the network’s hash rate (the Bitcoin network hash rate is 109 EH/s as of August 1).

The company announced the news on its official twitter handle today.

Fred Thiel, the CEO of Marathon, 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.”

Marathon’s bitcoin mining activities are set to grow by 30 percent with the addition of the new machines, bringing the total number of bitcoin miners owned and operated by Marathon to over 133,000.

Investor aand entrepreneur Anthony Pompliano posted a tweet regarding the news to show his happiness that big firms are investing in bitcoin.

One of the user stated that the million dollar investment can probably increase the growth rate of the stock “Mara”.

Running Bitcoin’s Taproot software update, Marathon declared earlier this summer that it would no longer use its hashrate to control transactions and would instead mine only “compliant blocks.”