Thursday, September 29

Marathon would increase its share of the Bitcoin hash rate by 600%

Key facts:
  • The pool of mining equipment in the Marathon Digital pool would reach 200,000 units in 2023.

  • Marathon projects to reach 23.3 EH / s by early 2023.

US mining pool Marathon Digital said last week that it plans to increase its stake in the hash rate of Bitcoin by 600% compared to its current level. To this end, it closed a contract for the purchase of ASIC equipment with the manufacturer Bitmain, the company reported in a press release dated Thursday, December 23.

According to the information, Marathon will acquire an undisclosed number of Antminer S19 XP machines, capable of 140 Thera Hash per second (TH / s). The teams will be incorporated into the pool park between July and December 2022, following a delivery schedule agreed with Bitmain.

Marathon projects that by early 2023 the teams would be fully deployed and operational, bringing their fleet to 199,000 ASIC units. This number will allow you contribute to the Bitcoin network a total power of 23 ExaHashes per second (EH / s).

At the time of writing this report, Marathon has a 3.1% stake of hash rate of Bitcoin, with a power of 5.47 EH / s. Only 5 pools, among which are Antpool, F2Pool, ViaBTC, Foudry USA and Binance Pool, currently have a share of more than 10% of the hash rate.

US bitcoin mining could get a boost in 2022

Following the ban on Bitcoin-related activities in China, including mining, bitcoin miners migrated to countries such as Kazakhstan, Russia, and the United States. As CriptoNoticias reported, the latter absorbed much of the displaced hashing power, and already by August it concentrated 35.4% according to figures from the Cambridge Center for the Financial Alternative (CCAF). The figure could increase in light of the expansions of the ASIC equipment park, such as the one announced by Marathon.

The company had announced four months ago an investment of USD 120 million in 30,000 Bitcoin mining equipment, with which it planned to increase the power of its operation to 13.3 EH / s. However, the new plan places your expectations 75% above that initial estimate.

Notably, Marathon is positioned as the largest bitcoin mining company in the United States. Its rapid growth has placed it under the scrutiny of government institutions, to the point that in May it was proposed to censor transactions originating from sanctioned addresses, in order to comply as closely as possible with the regulations. Subsequently, it had to desist from this action by updating with the Bitcoin taproot implementation.

CriptoNoticias reported that in mid-November Marathon received a subpoena from the United States Securities and Exchange Commission (SEC) to inform about its plans to install a new data center in the state of Montana.

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