Bitcoin mining firm Marathon Digital Holdings revealed the final amount of $879 million it will pay for new Bitmain bitcoin mining machines.
The United States-based company is buying 78,000 units of Antminer S-19XP mining hardware from China’s Bitmain Technologies Ltd. The companies signed the deal the previous week, however, the details were only disclosed on Tuesday.
Bitmain starts delivering order in June 2022. Each month until the end of the ear it will supply Marathon Digital with 13,000 new Antminers.
The size of the order and the amount Marathon Holding is going to pay is one of the biggest in the history of cryptocurrency mining.
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.
If the order will be completed successfully the Nasdaq-listed company will have 199,000 units of bitcoin mining and will increase BTC mining hashrate to 23.3 EH per second.
Proud that Marathon Digital Holdings is growing to be one of the biggest bitcoin miners globally - 23 EH by early 2023 #Bitcoin @saylor @MarathonDH https://t.co/fhCv4ow3pp— Fred Thiel (@fgthiel) December 23, 2021
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.
On The Flipside
- Bitcoin mining process requires massive amounts of energy and is highly environmentally unfriendly. Marathon Digital Holdings is working with power providers in the US who generate renewable energy. By the end of 2022, the company plans to be 100% carbon neutral.
Why You Should Care
The deal works in favor of a higher concentration of bitcoin mining power on several hands. The power balance has shifted from China to the United States, but the tendency of market monopolization remains.
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