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Marathon expects 30% increase in hashrate amid 30,000 S19j Pro order

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TL;DR Breakdown:

  • Marathon has order additional 30,000 miners from Bitmain. 
  • These machines will raise the company’s mining hashrate to 13.3 EH/s once they are fully deployed. 
  • Bitcoin hashrate is gradually increasing, sits at 108.89 TH/s.

Leading North American crypto mining company Marathon Digital is expecting up to a 30 percent increase in its total operational hashrate in 2022, following a new acquisition of miners for Bitmain. Upon complete deployment, the newly-order 30,000 S19j Pro antminers will raise the company’s hashrate to 13.3 EH/s, per the announcement on Monday. 

Marathon spends $120.7 million on new miners

Following the contract with Bitmain, Marathon will purchase the 30,000 S19j Pro at a total cost of $120.7 million. These machines will ship between January and June 2022, which will raise the company’s mining machines to 133,000. Each Bitmain’s S19j Pro antminer mines at a hash rate of 100 TH/s. 

These machines will raise the company’s hashrate by 30 percent once they are completely deployed and operational in the coming year, says Fred Thiel, the CEO at Marathon. 

Increasing our percentage of the total network’s hash rate increases our probability of earning bitcoin, and given the uniquely favorable conditions in the current mining environment, we believe it is an opportune time to add new miners to our operations. Thiel added. 

Fred Thiel

Bitcoin hashrate is up 26% since July

Notably, the Bitcoin network hashrate has fallen significantly since the event of the crypto mining ban in China. A huge number of miners went off from the network, which also resulted in a drop in mining difficulty accordingly. 

Marathon expects 30% increase in hashrate amid 30,000 S19j Pro order 1
Bitcoin mining hashrate chart from Blockchain.com

However, at the time of writing, the hashrate is gradually increasing, which indicates BTC miners from China are beginning to find new homes for their machines. Bitcoin hashrate was at 108.89 million TH/s as of August 1, according to data from Blockchain.com. This represents about a 26 percent increase since July 4. 

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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