Marathon Digital Holdings, one of the largest cryptocurrency mining companies has bought 78,000 Antminer S-19 XP Miners worth nearly $900 million from the Bitmain. The equipment is the newest generation Antminer S-19 XP Miners.
According to the filing with the Securities and Exchange Commission, the company will receive the machinery in the second half of 2022. Bitmain will deliver 13,000 units per month from July to December 2022.
Marathon will pay $879.06 million for 78,000 Antminer Miners and said they will pay 35% of the total within two days of execution of the purchase contract. It will pay a further 35% of each shipment price six months before the shipment is made and the balance at least one month prior to shipment.
The news was announced nearly a week ago, but the acquisition price became evident today. The company expects its operations to grow to nearly 200K bitcoin miners producing ~23.3 EH/s (23.3 exahashes per second) by early 2023, a 600% increase from the current production levels.
In 2021, Marathon Digital made large purchases of miners, and in October secured a $100 million revolving line of credit with Silvergate Bank in bitcoin and U.S. dollars to go toward its mining operations and new equipment. Last month, Marathon Digital revealed its plans to raise $500 million, to buy bitcoin and BTC mining machines.
Marathon Digital is not the first company to raise money to buy crypto or crypto related equipments. MicroStrategy – has done that on a few occasions, ultimately raising over $1 billion to buy BTC.
Earlier this month, Stronghold Digital Mining (Pennsylvania-based company) – bought 9,080 Bitmain and MicroBT mining rigs. The purchase will allow it to add roughly 826 petahashes per second (PH/s) to its power generation capacity.
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