In a press release, Marathon Digital Holdings confirmed an agreement to purchase 30,000 Bitcoin miners for a total price of nearly $ 121 million from the Chinese manufacturer Bitmain.
“.. has signed a contract with Bitmain to purchase another 30,000 Antminer S19j Pro (100 TH / s) miners for US $ 120.7 million.”
In addition, Bitcoin bull Anthony Pompliano noted that with this surge in mining activity, the world’s strongest computer network will only get stronger over time.
The leading cryptocurrency has been under serious attack lately. Nevertheless, there are still signs of recovery.
The latest hash rate data indicates that the network is on the mend. And with BTC flirting around the $ 40,000 price level again, things are looking up.
Marathon’s deal with Bitmain suggests that more is to come.
Marathon now sees the ideal time to increase hashing power
According to the current delivery schedules, Marathon expects all 30,000 newly purchased Bitcoin miners to arrive on site between January 2022 and June 2022.
When Bitcoin went parabolic earlier in the year, Bitmain reported overwhelming demand that caused delays in product delivery until August. Browsing the Bitmain website now still reveals order fulfillment issues.
However, given Marathon’s status and order volume, one would assume priority access to products.
The additional 30,000 Bitcoin miners would increase Marathon’s total capacity to 133,000 units, which could produce around 13.3 EH / s when fully deployed. The company said this was 12% of the current hash rate of the entire network, which was 109 EH / s on Aug. 1.
Fred Thiel, CEO of Marathon, commented that the current conditions are now an “opportune time” to increase their hashing power. He said the deal would cement Marathon’s position as the global leader in bitcoin mining operations.
“Increasing our share of the entire network’s hash rate increases our likelihood 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.”
Bitcoin hash rate continues to recover
Last week, data analytics firm Arcane Research released a report that found the worst of the bitcoin mining exodus in China was behind us.
“With the most serious impact of the Chinese mining ban on and off, the hash rate is likely to trend higher in the coming months as more miners move to other regions.”
Since the China FUD launched, the Bitcoin hash rate has fallen 55% from high to low. Arcane Research found that the hash rate bottomed out at 88 EH / s in July. But things have continued to improve since then.
Data from Bitinfocharts show a current hash rate that is higher than the 109 EH / s specified by Marathon. According to them, the Bitcoin hash rate is 117 EH / s on Aug 1st.
BTC hash rate on bitinfocharts.com
While this is a long way from the 180 EH / s peak in mid-May, it is still evidence that more miners are returning.