Just as institutional players start raking up their BTC investments, Bitcoin mining groups start adding more mining gears. North America’s public traded self-mining company Marathon Patent Group placed a huge order with Bitmain, the biggest manufacturer of crypto mining hardware.
Marathon has placed an order of 10,000 qty for Bitmain’s next-generation Antminer S-19 Pro ASIC Miners. The delivery of this order quantity will start from January 2021 and completed by March 2021. Meaning, Marathon will deploy all the 10,000 miners during Q1 2020. It clearly reflects the urgency to mine the remaining Bitcoins as big players have started amassing the world’s strongest digital currency in huge numbers.
Interestingly, this 10,000 qty order is in addition to Marathon’s previous order of 10,500 Antminer S-19 that will be available between January and June 2021. Speaking about these developments, Marathon CEO Merrick Okamoto said:
“We are pleased to announce the continued growth of our mining operations against the backdrop of recently increasing Bitcoin prices. Upon delivery and full Installation of all purchased miners, the Company’s mining operations will include 23,560 next generation miners bringing our total hashrate to 2.56 Eh/s and making us the largest self-miner in North America”.
Marathon is certainly adding a massive arsenal of Bitcoin miners to its existing operations of 2,560 miners. Each of the Antminer S-19 Pro miners produces 110 TH/s adding an additional 1.10 EH/s. This high-performance and low power consumption miner series from Bitmain will help Marathon to swiftly scale its operations.
Bitcoin (BTC) Hints At Further Price Rise
Earlier this year, the Bitcoin network underwent its third halving on May 11, 2020. This halving event reduced the Bitcoin mining rewards to 6.25 BTC blocks. Many analysts believed these rewards are unsustainable from the point of profitability since the mining computational complexity has increased that required high-end and costly hardware.
However, with the rising institutional participation, it looks like miners are back in action. Last week, Bitcoin (BTC) made a strong move while registering its highest weekly closing since January 2020.
Bitcoin just had its highest weekly close since January 2018. wow pic.twitter.com/U38odjXcjM
— Joseph Young (@iamjosephyoung) October 26, 2020
At press time, Bitcoin is trading at $13,131 with a market cap of $243 billion. The BTC price surge this year has already beaten the performance of all the top three U.S. stock indices by 3x. Besides, traders are crypto analysts are pointing at several other factors for the next BTC price surge. The latest BTC and S&P 500 price correlation shows that the BTC price has to be somewhere around $40K. This shows that we might be heading ahead for the next bull run.
This is going to be very interesting. Will BTC-S&P correlation hold or break. S&P implied BTC price (see formula on chart) now: $40K pic.twitter.com/3Xpj3c7p6l
— PlanB (@100trillionUSD) October 26, 2020