In 2021, American Bitcoin mining company Marathon Patent Group mined more than 3.000 BTC on the network, valued at around $140 million today.
Marathon Patent Group, located in Las Vegas, Nevada (United States), wants to become the largest Bitcoin miner in the world. The company currently has about 5,4 EH/s of power on the Bitcoin network, which allowed it to mine nearly 3.000 BTC this 2021, valued at more than $140 million according to the Bitcoin price at the time of this writing.
Throughout this year, one of the most profitable and productive for the industry of cryptocurrencies, , Marathon Patent Group placed several purchase orders for Bitcoin mining equipment, in order to strengthen its mining power and expand its operations within the network blockchain The most powerful cryptocurrency on a global level. Now, in order to continue expanding its crypto mining power and operations, the American company has placed a new purchase order for BTC miners worth almost $900 million from Bitmain. Fred Thiel, CEO of Marathon Patent Group, confirmed that this is the largest purchase order ever placed with the largest manufacturer of Bitcoin mining equipment.
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An order for 78.000 BTC miners
The crypto mining company has set a new purchase record, placing the largest order for Bitcoin miners in the industry so far. The purchase order from Bitmain includes 78.000 Antminer S-19 XP rigs, which will be delivered during the second half of 2022. Marathon Patent Group will receive 13.000 mining devices each month, paying the miner manufacturer in installments before receiving the rigs. In total, the company will invest $879,06 million.
Upon completion of this purchase order, Marathon Patent Group will have approximately 199.000 operational Bitcoin miners, increasing its computational power within the blockchain network to approximately 23,3 EH/s by early 2023. The Bitcoin mining power is 174 PE/s, so the company would manage around 13% of the current hash rate of the cryptocurrency.
600% growth
With this new purchase order, Marathon Patent Group's growth projections for 2022 have changed significantly. When the company manages 23,3 EH/s within the Bitcoin network, it will have grown its computing power by 600% compared to its growth rate. current hash rate. On the other hand, its projections for the end of 2022 will have increased by 75%, Thiel indicated.
In August, the company had projected growth to 13,3 EH/s of power, with the investment of 120 million dollars in 30.000 Bitmain mining rigs, which will be available during the first half of next year.
Issuance of debt bonds
Much of the capital that Marathon Patent Group is investing in the purchase of the new mining equipment comes from a private debt bond offering issued in November, in which it raised $650 million. At the time of the offering, Marathon reported which would use the funds to buy more bitcoins and invest in more miners, to increase its operations on the blockchain network.
Since October 2020, Marathon Patent Group has been holding all of the bitcoins it has mined on the network, which has increased the confidence of its investors and increased the value of its shares. Marathon is listed on the stock exchange under the ticker MARA. Its shares have grown by 213% this year, standing at $33,9 per unit at the time of writing.
Continue reading: Marathon backs down and accepts that its bitcoin mining operations must be “the same as everyone else”
