Publicly-Traded Firm Gears Up To Become One of the Largest Bitcoin Miners After $120,000,000 Deal

Crypto mining giant Marathon Digital is primed to become one of the largest Bitcoin miners in the world after inking a multi-million-dollar deal.

In a new press release, the Nevada-based mining giant, which trades on the Nasdaq under the ticker symbol MARA, says it will purchase 30,000 units of the Antminer S19j Pro model at a total cost of $120.7 million.

Once deployed and fully operational, the new equipment will increase Marathon Digital’s total number of miners to over 133,000, producing approximately 13.3 exahashes per second (EH/s).

Marathon Digital projects that its hash power could potentially represent 12% of Bitcoin’s total hash rate if all of the company’s miners, including the ones recently purchased, were deployed today.

With the new deal, Marathon’s CEO Fred Thiel says the company is set to become one of the largest Bitcoin mining firms in the world.

“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.

With this new order, we are growing our operations by 30% to approximately 133,000 miners, producing 13.3 EH/s. As a result, once all miners are fully deployed, our mining operations will be among the largest, not just in North America, but globally.”

According to the mining giant’s website, Marathon is en route to deploying 103,120 Bitcoin miners that can produce 50-60 BTC per day.

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Source: https://dailyhodl.com/2021/08/04/publicly-traded-firm-gears-up-to-become-one-of-the-largest-bitcoin-miners-after-120000000-deal/