Marathon Patent Group has once again signed a contract with Bitmain.
They purchase 10,000 new Antminers to reduce Bitcoin (BTC). By July 2021, they will have more than 2.5 EH/s in their hands.
The total computing power of the Bitcoin Evolution network is currently around 130 EH/s. This means that Marathon wants to control almost 2% of the computing power. The largest mining pool of the moment is F2Pool, with 15% of the processing power. The hashrate, however, fluctuates constantly. It is a living number that can look very different in a year’s time.
Marathon Patent Group has been working hard in recent years as a miner. The new purchase concerns Bitmain’s S-19 Pro ASICs. A further 23,560 new rigs are expected to come in, some from previous orders. The 10,000 rigs recently purchased will not be delivered until 2021.
If they turn them all on, they will (according to their own words) be the largest mineral in the region. The total hashrate will then be 2.56 EH/s. This also puts them in the top 15 largest miners in the world.
The company is listed on the NASDAQ. They are active in Quebec in Canada. With the purchase of 10,000 new Antminers, they expect to be able to scale up enormously in the coming months. In the press release they share a prediction that they hope to reach the 2.56 EH/s in July 2021.
On the website the company shows with some pictures how massive such a mining farm is.
Each mineral they have ordered is good for 110 TH/s. With the investment they screw up their hashrate with as much as 1.10 EH/s. Currently they already have 2,560 miners on (see picture above).
In August they also ordered 10,500 new rigs from Bitmain. Add to that the 10.000 miners from the new order, and Marathon hopes to bring the total to 23.560 rigs in the coming months.
As of 2021, the company will receive the following shipments of S19 Pro miners from China:
- 4,000 in January
- 6,300 in February
- 4,800 in March
- 1,800 in April
- 1,800 in May
- 1,800 in June
One of the reasons for this investment is the rising price of Bitcoin. In addition to generating more profit per mined Bitcoin, it also gives investors confidence.
„We believe this investment creates value for our shareholders. The rise in Bitcoin’s price has also increased our confidence in the plans to grow.
Marathon also announced the purchase of Fastblock Mining at the end of August. As a result of this deal, they could halve the cost of mining Bitcoin. However, it never came to an agreement. In September, it became clear that the parties could not agree on a long-term contract for the required electricity.