Marathon Expands Mining Capacity
Marathon Digital Holdings, a prominent bitcoin mining company, has acquired two fully operational bitcoin mining facilities. These facilities, located in Texas and Nebraska, have a combined capacity of 390 MW. Marathon purchased them with a total cash investment of $178.6 million, averaging $458,000 per MW.
Decreasing Bitcoin Discovery Costs
Marathon expects this acquisition to reduce its bitcoin discovery costs by 30% over time. The company plans to leverage its existing capacity, enhance its hashrate, and streamline operational efficiency. Marathon has committed to acquiring miners with a total capacity of 7 EH/s, to be delivered and installed by January 2024.
Fred Thiel, Marathon’s chairman and CEO, stated that this transaction increases their bitcoin mining portfolio by 56%, from 584 MW to 910 MW. It also provides a roadmap to doubling their current operational hash rate to approximately 50 exahashes within the next 18-24 months.
Growth in the Mining Industry
As the anticipated 2024 Bitcoin halving event approaches, major mining companies are actively expanding. They are purchasing or pre-ordering thousands of next-generation ASIC bitcoin mining machines from leading manufacturers like Microbt and Bitmain.
Hot Take: Marathon Seizes Opportunities to Boost Mining Capacity
Marathon Digital Holdings has made a strategic move to acquire two fully operational bitcoin mining facilities. With the aim of reducing bitcoin production costs and expanding operational capacity, Marathon has invested $178.6 million in cash. This acquisition increases the company’s mining portfolio by 56% and provides a roadmap to doubling their current operational hash rate. As the mining industry prepares for the Bitcoin halving event in 2024, Marathon’s expansion positions them to take advantage of opportunities and improve efficiency in bitcoin mining.
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