Marathon, The Bitcoin Mining Company Buys 30.000 Mining Rigs

JAKARTA – Bitcoin mining company that has gone public on the Nasdaq stock exchange, Marathon Digital Holding reportedly purchased 30.000 S19j Pro Antminers mining rigs from Bitmain on Monday, August 2, 2021. The company said the new mining rigs will soon be fully operational.

Citing from Bitcoin.com News, from the new mining rig Marathon will earn 13.3 exahash per second (EH/s). The purchase is worth USD 120 million or approximately IDR 1.8 trillion.

The mining rig can reportedly have a SHA25 hash rate or around 100 to 104 terahashes per second from a single S19j Pro machine. In addition, the rig only consumes USD 0.12 per kilowatt-hour of electricity with a profit of USD 29 per day.

In addition, Marathon also revealed that the mining rigs will be delivered around January 2022 and June 2022. This proves that the waiting time for mining machine production takes quite a long time.

"If all Marathon miners were deployed today", the company said in an announcement.

“The company's hash rate will represent about 12% of the total Bitcoin network hash rate, which is around 109 EH/s on August 1, 2021”.

Marathon CEO Fred Thiel thinks this is the right moment to add mining rigs to increase the percentage of Bitcoin revenue by adding new miners.

“Increasing our percentage of the network's total hash rate increases our likelihood of earning bitcoins, and given the uniquely favorable conditions in today's mining environment, we believe this is the right time to add new miners to our operations”, said Thiel.

“With this new order, we increased our operations by 30% to approximately 133.000 miners, generating 13.3 EH/s. As a result, once all miners are fully deployed, our mining operation will be one of the largest, not only in North America but globally”, he added.

For information, in the United States alone there are many Bitcoin mining companies such as Marathon, including Riot, Galaxy Digital, Hut8, Ankr, Argo Blockchain, Hive Blockchain, Bit5ive LLC, Atnorth, Core Scientific, Bitfarms, Compute North, Bitquest, Bitfury and many more. A number of these mining companies continue to add their mining rigs in this one year.

Previously, Marathon had bought up mining rigs in December 2020. At that time the company purchased 70.000 bitcoin mining rigs from the same producer, Bitmain, as reported by Bitcoin.com News.