TL;DR Breakdown
- Marathon Digital Holdings acquires Bitmain’s Antminer S19 XPs.
- Marathon has struck a deal with Bitmain for a fleet of BTC mining rigs.
- They hope to improve its hashrate to about 23.3 EH/S by 2023.
Marathon Digital has acquired an astonishing number of Bitmain Antminer S19 XPs to ramp up their BTC mining hash rates. It expects to receive all miners between July and December 2022. It said that it will now have 199K miners by 2023.
Marathon acquires Bitmain’s latest miners to ramp up their hash rate
Marathon Digital Holdings Inc (MARA) is America’s largest BTC mining firm. It has forged a contract with Bitmain to acquire BTC mining rigs and start using them by 2023. The company plans to use these rigs to upgrade its current hardware to enhance efficiency.
Per Fred Thiel, the CEO of Marathon, its balance sheets allow them to place such an order comfortably. He added that the target 23.3 EH/S hash rate would be an increase of 600% from the current conditions of the company.
Additionally, Fred noted that the company would have enough green energy before the 23.3 EH/S capability goes live. He thanked Bitmain for guiding them with placing the buy order successfully since they will now remain the most extensively popular BTC miners in America.
Regarding the developments, Bitmain praised Marathon Digital as among its best clients. It added that it is very happy for Marathon’s particular order, and they are optimistic about working with them in the future.
Investor notice by Marathon Digital Holdings
Since many investors may stack their money in the shares of Marathon, the company issued a warning. Everyone should learn that Marathon deals with a risky field, and massive losses can follow. Marathon also asked interested investors to read the ‘Risk Factor’ section in item 1A of their recent Annual report of the Form 10-K of the year ended December 31, 2020.
Marathon also said that if the risks listed on that document were to happen, it would be significantly affected, and the investor could also lose their holdings. It particularly noted that since cryptocurrency varies at a very high rate, its past performance should never be a tool to predict its future. Their statement also explained that factors like BTC difficulty and hash rates might also significantly affect its operations.
Marathon also cautions the investors about forward-looking statements. It said that words like ‘plan,’ ‘continue,’ etc., should never encourage anyone to rely on them as leverage while making decisions. Similarly, the company asked investors to read the section with the header ‘Risk Factors’ on annual reports of form 10-K. It also recommended reading the ‘Risk Factors’ section on the Quarterly reports from 10-Q.
In these forms, Marathon explains that it does not have any obligation to alter any forward-looking statement that may end up being untrue due to untold events or such reasons.
