Marathon Digital To Purchase Record-breaking Amount of Bitcoin Miners As MARA Shares Goes 12% Up

According to an announcement made by Las Vegas-based firm Marathon Digital on Thursday, the firm may have just revealed its plans to purchase the largest ever single order of Antminer S19 XP Bitcoin miners from Bitmain.

Although the Nasdaq-traded MARA did not include the exact amount of Antminer it will be purchasing, but in terms of exahashes per second, as the announcement says, this is a record number of Antmimer S19 XP being purchased at once.

Recall that the company had made some purchases earlier in the year as well, however with this new purchase, Marathon hopes that by 2023, it will have about 199,000 operational miners to its name, generating no less than 23.3 EH/s. That’s a huge 600% increase in hashrate from what it is at this present moment.

The new (seemingly revised) projection follows after earlier reports about Marathon expecting to have at least 133,000 operational miners that would be generating 13.3 EH/s by the middle of next year. 22.

Meanwhile, just at the beginning of December, Marathon had only 31,000 operational miners, producing 3.2 EH/s.

Marathon Digital Shares Up Nearly 12%

At press time, Marathon Digital shares (MARA) were up 11.78% in Thursday trading.

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When it comes to purchasing miners, Marathon has made quite a number of those this year. Also, in October, the firm secured another $100 million — in Bitcoin and U.S dollars cash, credit funding from Silvergate Bank. As expected, the miner also said that the loan would be automatically used for funding bitcoin mining operations and to get newer equipment.

According to a statement released by the CEO of Marathon Fred Thiel, the company was able to place this record-breaking single order,

“Given the strength of our balance sheet and our asset-light model.”

Thiel strongly believes that this strength is what has encouraged his firm to invest so much capital into mining machines instead of infrastructure.

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Mayowa Adebajo is a fintech enthusiast with a decade-long experience writing news stories and creating content generally. When he's not writing, he's either talking politics or discussing sports.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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