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Marathon Pays Record $879 Million For Bitcoin Mining Hardware -Breaking

by Mike Robinson

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Marathon Pays Record $879 Million For Bitcoin Mining Hardware

Marathon Digital Holdings, a bitcoin mining company, has revealed its final payment of $879 Million for Bitmain mining machines.

The United States-based company is buying 78,000 units of Antminer S-19XP mining hardware from China’s Bitmain Technologies Ltd. Although the companies had signed the agreement the week before, details of the transaction were revealed on Tuesday.

Bitmain begins delivering orders in June 2022. It will provide Marathon Digital with 13,000 Antminers each month, until the end.

Marathon Holding has placed an order of record-breaking size and will pay a huge amount of cryptocurrency mining money.

According to Marathon’s CEO Fred Thiel, the deal will help Marathon Digital Holdings to become one of the biggest bitcoin mining companies in the world.

The Nasdaq-listed company with 199,000 bitcoin mining units will soon have the ability to complete the order. This will allow for an increase in BTC mining efficiency up to 23.3 EH per sec.

After China’s crypto space crackdown back in mid of 2021, the majority of the world’s bitcoin mining power settled in the United States. The local bitcoin mining industry now dominates the bitcoin mining market and produces over 35% of the world’s bitcoin mining hashrate.

Flipside

  • The mining process is very energy-intensive and environmentally harmful. Marathon Digital Holdings works with US-based power suppliers to generate clean, renewable energy. The company plans to become carbon neutral by 2022.

Why you should care

This deal favors a greater concentration of Bitcoin mining power across multiple hands. While the market balance favors the United States over China, it is still a sign of market monopolization.

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