Bitcoin’s Crazy Miners
he fact that the Bitcoin network’s computing power (hashrate) is already at an all-time high doesn’t discourage some. The Marathon Patent Group announces that it has placed a record order for specialized ASIC mining machines with Bitmain.
Marathon wants to have more than 100,000 Antminer S19s.
Together with the 33,000 Antminer S19 miners that Marathon already owns today, the company will therefore own a total of 103,000 state-of-the-art Profit Revolution miners (BTC).
Listed on the Nasdaq Stock Exchange, Marathon Patent Group specializes in digital asset mining, an industry in which it is one of the leading players in North America.
According to a press release published on December 28, Marathon has entered into a contract with Bitmain for the purchase of 70,000 Antminer S19 type miners.
According to the terms of the agreement, receipt of this gargantuan order will begin in July 2021 and is expected to end in December 2021.
„This purchase is (…) the largest order for S19 ASIC miners that Bitmain has ever received. We appreciate the hard work of their team in fulfilling this order, as well as the 30,000 S-19 miners we have purchased since August 2020 (…) and we look forward to continuing to work with them to grow our business. »
Merrick Okamoto, CEO of Marathon
The equivalent of more than 7% of Bitcoin’s global hahsrate.
Once the order has been fulfilled, the Marathon group will have a total computing power of 10.36 EH/s (exahashes per second).
If the consensus hashrate by proof of work of the BTC network were to remain at 140 PeH/s as at present, Marathon alone would represent around 7.4% of this computing power.
In any case, one thing is certain: with this 170 million dollar order for its Antminers, Bitmain has already secured its 2021 season:
„The new contract for 70,000 Antminer S19s with Marathon convincingly demonstrates the major role of our S19 in providing our customers with first-class mining efficiency. (…) Marathon has quickly become our largest customer, and our partnership continues to be mutually beneficial to both companies. »
Irene Gao, Antminer Sales Director for North and South America
While listed companies like MicroStrategy invest in bitcoins, the Marathon Group prefers to go straight to the source, to mine BTCs itself (in the hope of selling them at a gold price perhaps?). This will also represent a welcome geographical diversification of bitcoin mining, which will be slightly less concentrated in China than it is now.