Bitcoin

Marathon buys 70,000 Bitcoin miners for $170 million

Marathon Patent Group ordered 70,000 S-19 mining units from Bitmain.

The $170 million purchase is the largest in Bitmain’s history.

Marathon is only one of several U.S. companies to intensify their mining activities in 2021.

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Marathon Patent Group has agreed to purchase 70,000 Bitcoin Rush units from manufacturing giant ASIC Bitmain. The agreement would be worth approximately $170 million.

Marathon already operates mining units in the United States. However, the agreement of this Monday, December 28 will significantly increase the company’s share of the world hash rate.
Marathon’s order of Bitcoin miners is Bitmain’s largest to date.

One of the largest Bitcoin mining companies in the United States is expected to grow even more in 2021. According to a press release issued on Monday, Marathon Patent Group has committed to purchase 70,000 ASIC Antminer S-19 from Bitmain.

The agreement will see Bitmain supply Marathon with 7,000 S-19s in July 2021. A further 63,000 units will arrive in December 2021.

Once completed, Marathon will operate more than 103,000 aircraft. Together, these will provide 10.36EH / s at the overall hash rate.

Today, Marathon controls approximately 33,000 mining units. The control will more than triple its operation.

Merrick Okamoto, CEO of Marathon, said the order was the largest ever received by Bitmain in terms of dollars and the actual number of S-19s requested. He added:

We appreciate the hard work of their team in following up on this order… Our relationship with Bitmain is an important part of our potential for future success, and we look forward to continuing to work with them to grow our business.

Irene Gao, Bitmain’s Sales Director for North, Central and South America, said:

Marathon has quickly become our largest customer and our partnership continues to mutually benefit both our companies.

Bitmain flooded with North American orders

Marathon Patent Group is not the only major American Bitcoin mining company to occupy Bitmain recently. On December 20, BeInCrypto reported that Core Scientific had purchased 58,000 Bitmain S-19. The company expects to receive its order by September 2021.

With this massive purchase, Core Scientific stated that it would be the largest miner outside of China. However, when both orders are completed, Marathon will order 103,000 miners from Core Scientific’s 76,000.

Riot Blockchain is another major buyer of Bitmain’s mining equipment. Another North American company, Riot Blockchain, has purchased 10,500 Bitmain units since October 2019.
Is China’s domination of BTC’s mining business coming to an end?

The major mining operators that are moving into the United States can potentially be good for Bitcoin in the long term. Previously, critics of the leading cryptomone company have pointed to China’s mining dominance as a potential security loophole.

Increased decentralization of mining interests globally is the emerging BTC hot spot in Iran. In May 2020, the Iranian government developed a national strategy for cryptomoney mining.

As reported in Asia Times, Max Keizer believes that Iran’s interest in Bitcoin mining will force the U.S. government to follow suit. Keizer believes that such a „global hash war“ could push the price of BTC above $500,000.