Marathon Digital will increase hashrate by 600% with a new purchase of Bitcoin miners.

Marathon Digital, a Nasdaq-listed company, revealed Thursday that it had purchased a record number of Bitmain Antminer S19 XP (140 TH/s) bitcoin miners.

Marathon did not provide a specific number, but stated that the sale was the largest single order of Antminer S19 XP bitcoin miners ever placed by Bitmain in terms of exahashes per second (EX/s) generated by the new machines.

The company aims to have 199,000 operating miners generating 23.3 EH/s by early 2023, a 600 percent increase from current levels, based on previous acquisitions this year, the company revealed to CoinDesk.

The rapidly expanding miner reduced its forecast from September, when it anticipated to have 133,000 operating miners producing 13.3 EH/s by mid-2022.

Marathon has 31,000 operating miners as of December 1st, generating 3.2 EX/s.

The company shares were up over 12% in Thursday trade at the time of writing.

Marathon has made many major acquisitions of miners this year, and in October it received a $100 million revolving line of credit in bitcoin and US dollars through Silvergate Bank. The miner stated that the money will be used to fuel bitcoin mining activities and the purchase of new equipment.

Marathon CEO Fred Thiel said in a statement:

“Given the strength of our balance sheet and our asset-light model, which allows us to invest our capital in mining machines rather than infrastructure, we were uniquely positioned to place the largest single order of S19 XPs Bitmain has ever received in terms of total hash rate,”

Patrick

Coincu News