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US Firm Marathon Buys 70,000 Bitcoin Miners for $170 Million

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Marathon Patent Group has agreed to buy 70,000 Bitcoin mining units from Chinese ASIC manufacturing giant Bitmain. The deal is reportedly worth around $170 million.

Marathon already operates mining units in the United States. However, Monday’s deal will significantly increase the firm’s share of the global hash rate.

Marathon Bitcoin Miner Order is Bitmain’s Largest to Date

One of the biggest Bitcoin mining companies in the United States looks set to grow even larger in 2021. According to a press release published Monday, Marathon Patent Group has just committed to buying 70,000 Antminer S-19 ASICs from Bitmain.

The deal will see Bitmain supply Marathon with 7,000 S-19s in July 2021. A further 63,000 units will arrive in Dec. 2021.

Once completed, Marathon will operate more than 103,000 miners. Combined, they’ll contribute 10.36EH/s to the global hash rate.

Today, Marathon controls around 33,000 mining units. The order will more than triple its operation.

Merrick Okamoto, CEO of Marathon, commented that the order was the biggest Bitmain had ever received in both dollar terms and the actual number of S-19 requested. He added:

“We appreciate the hard work their team is putting in to fulfil this order… Our relationship with Bitmain is an important component of our potential for future success, and we look forward to continuing working with them to scale our business.”

Irene Gao, Bitmain’s Sales Director for North, Central, and South America, stated:

“Marathon has quickly become our largest customer, and our partnership continues to mutually benefit both of our companies.”

Bitmain Inundated with North American Orders

Marathon Patent Group isn’t the only major US Bitcoin mining firm keeping Bitmain busy lately. On Dec. 20, BeInCrypto reported on Core Scientific buying 58,000 Bitmain S-19s. The firm expects to receive its order by Sept. 2021.

With the massive buy, Core Scientific claimed it would be the largest single miner outside of China. However, when both orders are completed, Marathon will command 103,000 miners to Core Scientific’s 76,000.

Another major buyer of Bitmain’s mining hardware is Riot Blockchain. Another North American company, Riot Blockchain, has bought 10,500 Bitmain units since Oct. 2019.

Is China’s Dominance of BTC Mining Coming to an End?

Major mining operators setting up on US soil may potentially be good for Bitcoin long-term. Previously, critics of the leading cryptocurrency have pointed to China’s mining dominance as a potential security flaw.

Further decentralization of mining interests globally is the emerging BTC hotspot of Iran. In May 2020, the Iranian government drew up a national cryptocurrency mining strategy.

As reported in the Asia Times, Max Keiser thinks Iran’s interest in Bitcoin mining will force the US government to follow suit. In fact, the RT host believes such a ‘global hash war’ could send the BTC price beyond $500,000.

The post US Firm Marathon Buys 70,000 Bitcoin Miners for $170 Million appeared first on BeInCrypto.


All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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