Marathon Settles Record-Breaking ASIC Acquisition, Buys 70,000 High Performance Bitcoin Miners

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On December 28, the publicly traded Marathon Patent Group announced the purchase of 70,000 Antminer S19 Bitcoin miners from Bitmain for $ 170 million. Marathon expects deliveries to be completed in 2021, which will allow the mining industry to have more than a hundred thousand ASIC miners or more than ten Exahash of Hashpower.

Marathon Patent Group, Inc. (NASDAQ: MARA) announced that it is raising significant capital to the bitcoin mining industry. On Monday, Marathon announced one of its largest mining equipment purchases to date, as the company bought 70,000 Antminer S19 bitcoin miners from Bitmain. The purchase will cost $ 170 million on Monday morning, according to the Marathon announcement.

The company expects the first delivery by July 2021 and the final delivery in the last month of next year. Marathon says the company already has a fleet of 33,000 miners and the recent purchase will triple the size of the operation.

The company just bought 10,000 ASIC miners in the first week of December 2020. This particular purchase will take full advantage of the company’s 100 MW Montana data house, said Merrick Okamoto, chairman and chief executive officer of Marathon.

Once the newly acquired 70,000 S19 miners are fully deployed, the company will command 103,000 ASIC miners at 10.36 exahash per second (EH / s), according to Marathon.

Irene Gao, Antminer North, Central and South America (NCSA) sales director at Bitmain, said the milestone purchase will serve both corporate interests. “We are delighted that Bitmain has won this record-breaking deal from Marathon,” said Gao during the announcement.

The Bitmain manager added:

Marathon has quickly become our biggest customer, and our partnership continues to benefit our two companies.

Marathon CEO Merrick Okamoto believes the recent order of 70,000 ASIC miners is one of the biggest deals in the bitcoin mining industry.

“This purchase is the largest order in US dollars and the largest single order for S19 ASIC miners that Bitmain has ever received,” said Okamoto. “We appreciate the hard work your team is putting into this job as well as the 30,000 S-19 miners we have purchased since August 2020,” he added.

The company’s sizeable ordering of bitcoin mining rigs is part of an ongoing trend seen throughout 2020. Enterprise quality companies have bought thousands of ASIC miners from companies like Bitmain, Microbt, and Canaan.

The trend has made it difficult for smaller buyers and individuals to get their hands on next-generation ASIC miners direct from the manufacturer. Five days ago, publicly traded company Riot Blockchain, Inc. (NASDAQ: RIOT) bought 15,000 next-generation miners from Bitmain.

What do you think of the Marathon Group, which is buying 70,000 ASIC miners from Bitmain for $ 170 million? Let us know what you think on this matter in the comments section below.

Tags in this story

$ 170 Million, 10 Exahash, 70,000 Miners, Antminer, Antminer S19, ASIC Miners, Bitcoin Miners, Bitmain, BTC Miners, Irene Gao, Marathon, Marathon Patent Group, Merrick Okamoto, Miner Purchase, Montana, NASDAQ: MARA, North America, Riot Blockchain, S19 Miners

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