Marathon buys Bitcoin miners from Bitmain for $120.7 million

Nasdaq-listed mining company Marathon Digital Holdings has agreed to purchase 30,000 Antminer S19j Pro miners from Bitmain. The deal is valued at $120.7 million.

“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 ” @fgthiel $MARA https://t.co/sJiG6sS1nW

— Marathon Digital Holdings (@MarathonDH) August 2, 2021

In light of favourable mining conditions, we have concluded that the optimal time to expand our fleet has arrived. After deploying the new batch, we expect to become the world’s largest player, said Fred Thiel, the company’s CEO.

Deliveries are expected from January through June 2022. Under the terms of the deal, Marathon Digital Holdings expects to boost its hash rate by 13.3 EH/s. As of August 1, the company’s hash rate stood at 109 EH/s.

In June Marathon Digital Holdings mined 256.5 BTC, up 17% from May.

In July, Bitcoin mining difficulty decreased by a record 27.94% — to 14.36 trillion hashes (T). Following the latest recalculation the metric rose by 6.03% — to 14.5 T.

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