With the purchase of the Antminer S-19 XP miners, Marathon Digital is arguably positioned as one of the most dominant players in the Bitcoin mining industry.
Details of the undisclosed number of Bitcoin miners purchased from Bitmain Technologies by Marathon Digital Holdings Inc (NASDAQ: MARA) have been revealed in a new filing of the latter company filed with the Securities and Exchange Commission (SEC). According to the record, Marathon Digital said the deal involved some 78,000 next-generation Antminer S-19 XP miners, which claimed it would pay a total of $ 879,060,000 for the devices.
Marathon Digital remains among the largest crypto mining companies that have seen massive growth this year. As detailed in its previous announcement, the new miners will be deployed to expand its global Bitcoin mining operations.
“Given our strong balance sheet and our light asset model, which allows us to invest our capital in mining machinery rather than infrastructure, we were in a unique position to place the largest single order of S19 XP, in terms of total hash rate, BITMAIN never received, ”said Fred Thiel, CEO of Marathon. “With this latest purchase of S19 XP, we will increase our Bitcoin mining operations to around 199,000 total miners and 23.3 EH / s by the start of 2023. This growth represents an increase of over 600% from our current hash rate is a 75% increase. compared to our previous projection of 13.3 pe / s by mid-2022. ”
According to the company, the miners will be delivered in six batches, each billed for 13,000 machines per month from July to December 2022. At the end of the delivery period, Marathon Digital is expected to have up to 199,000 miners in operation. from the start of 2023. Just as the delivery time is extended, Marathon Digital also noted that the payments for the machines will be staggered in three installments.
“The purchase price is $ 879,060,000. The purchase price for minors will be paid as follows: 35% of the total amount within two days of the execution of the purchase contract, 35% of the price of each shipment at least six months before each shipment and the 30% remaining in the price of each shipment at least one month before each shipment, ”the SEC filing said.
Marathon Digital is positioning itself for the future
With the purchase of the Antminer S-19 XP miners, Marathon Digital is arguably positioned as one of the most dominant players in the Bitcoin mining industry. Despite the fact that only around 10% of the total Bitcoin supply remains to be mined, Marathon Digital wants to cope as much as possible in anticipation of potential and continued growth in digital currency prices.
The company has reportedly mined over 3,000 BTC this year thanks to its constant purchases of new miners, and with the help of the Antminers that have yet to be delivered, it will look to break its own record in the coming year. and beyond.
Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about the real-world applications of blockchain technology and innovations to foster general acceptance and global integration of emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and sites. Benjamin Godfrey is a lover of sport and agriculture.