Marathon Digital Buys Another 30,000 Antminers From Bitmain

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In Brief
  • Enterprise Bitcoin mining company Marathon Digital is purchasing an additional 30,000 Antminer S19j Pro miners for $120.7 million.

  • Marathon expects Bitmain to have shipped all 30,000 newly purchased miners between January 2022 and June 2022.

  • Once fully deployed, Marathon expects to have the largest mining operations in the world.

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Enterprise Bitcoin mining company Marathon Digital is purchasing an additional 30,000 Antminer S19j Pro miners for $120.7 million.

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Marathon expects Bitmain to have shipped all 30,000 newly purchased miners between January 2022 and June 2022. Once this happens, the Company’s mining operations are expected to consist of more than 133,000 Bitcoin miners. These will produce approximately 13.3 EH/s once all miners are fully deployed and operational. 

“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,” said Marathon CEO Fred Thiel. For context, if all of Marathon’s miners were deployed today, its hash rate would represent approximately 12% of the Bitcoin network’s total hash rate. 

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Thiel then highlighted that this new addition would lead to a 30% growth in operations. “As a result, once all miners are fully deployed, our mining operations will be among the largest, not just in North America, but globally,” he boasted. However, Thiel also recognized that this wouldn’t have been possible without its ongoing collaboration with Bitmain. 

At a time when Bitcoin mining equipment finds itself in extreme demand, Marathon has benefited from its partnership with Bitmain. Antminer Sales Director of North, Central, and South America (NCSA) at Bitmain Irene Gao called Marathon a “key customer.” Hoping to continue collaborating and building upon the mutually beneficial relationship, Gao said, “we appreciate the opportunity to support their growth with another large order for 30,000 of the industry’s most powerful and efficient miners.”

For its part Marathon has been performing well, as demonstrated by a recent monthly performance. A company press release revealed that Marathon’s mining fleet had produced around 846 newly minted bitcoins by June. Some 265.6 of those were produced in June. This is slight growth from the 226.6 produced in May, but a stark increase from the 50.4 produced in January. 

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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