Competition in the U.S. cryptocurrency mining industry is about to heat up. Marathon Patent Group, a Nasdaq-listed crypto mining firm, just announced its acquisition of additional mining hardware that would catapult it to the top spot as the largest self-miner in North America.
Marathon announced its purchase of 10,000 additional Antminer S19 Pro bitcoin miners from the Chinese hardware manufacturer Bitmain, Bitcoin.com reported. The acquisition would tremendously boost the firm’s mining capacity making it the top self-miner in the continent.
With the purchase, Marathon now has a total of 23,560 mining rigs. The additional equipment also boosted its total hash rate to 2.56 Eh/s, where 1 Eh/s is one quintillion hashes per second.
“Upon delivery and full Installation of all purchased miners, the Company’s mining operations will include 23,560 next-generation miners bringing our total hashrate to 2.56 Eh/s and making us the largest self-miner in North America,” Marathon’s chief executive officer, Merrick Okamoto, said in a statement. The new capacity also makes the company one of the world’s top 15 Bitcoin (BTC) miners.
The company has been beefing up its mining equipment recently. In August, Marathon also bought 10,500 Antminer S19 Pro bitcoin miners from Bitmain for $23 million.
Its recent purchase will be delivered in batches from January until June next year. The company expects its mining revenue to rise with the increased mining capacity.
“The delivery of these new 10,000 S-19 Pro miners is scheduled to begin in January 2021 and will be completed by March 2021,” Okamoto added. “It is important to note that this delivery is quicker than our previous order for 10,500 miners, which will be delivered between January and June 2021. These new 10,000 miners are expected to all be deployed in Q1, three months earlier than our last purchase. As a result, there will be a substantial increase in our Bitcoin Mining revenue sooner than we had anticipated.”
The announcement of its recent purchase comes after Marathon entered into a joint venture deal with U.S. independent power producer Beowulf Energy for cheaper power rates. In the agreement, the crypto mining firm will only pay $0.028 per kilowatt-hour (kWh) instead of the current $0.034/kWh, a price reduction of 38 percent.