Bitcoin mining company Marathon has announced that the company has secured 254 megawatts with new hosting agreements with the possibility to increase to 324 megawatts (MW). Marathon’s latest expansion agreements should support the bitcoin mining company’s intended goal of securing approximately 23.3 exahash per second (EH / s).
Marathon secures 254 MW Bitcoin mining capacity – the company aims to have 23.3 EH / S by 2023
The listed bitcoin miner Marathon (Nasdaq: MARA) has received 254 MW of hosting arrangements, with the possibility of increasing to 324 MW, from a few different hosting providers. The news follows the outage Marathon experienced in mid-June in Montana when a storm knocked out operations and the company’s units went offline.
Securing 254 MW of power will allow Marathon to reach the company’s 2023 target of achieving 23.3 exahash per second (EH / s) of processing power. “With these new schemes, we believe that we have now secured enough hosting capacity to support our goal of achieving approximately 23.3 [exahash] per second of computing power for bitcoin mining in 2023, said Fred Thiel, Marathon’s chairman and CEO, on Monday. Thiel added:
[Each facility] is already under construction, which is crucial to speed up installations. The first miners to host these new schemes are scheduled to be installed in August, with installations increasing elsewhere in the fourth quarter of this year and continuing into 2023.
Marathon Strikes agreements with Compute North and Applied Blockchain
Marathon and many other bitcoin mining operations saw significant growth in Q4 2021, securing thousands of next-generation bitcoin mining units from manufacturers. In 2022, however, BTC mining operations have been much lower, and reports have shown that a number of bitcoin miners have felt stressed with lower BTC prices.
At the end of June, the co-founder of Luxor Technologies estimated that $ 4 billion in loans backed by crypto-mining rigs were in need. After securing thousands of miners at a discounted price, bitcoin miner Cleanspark explained that the crypto winter has provided “unique opportunities.”
In its announcement on Monday, Marathon explained that they entered into two agreements with Applied Blockchain (Nasdaq: APLD) and Compute North Holdings Inc. It secured 200 MW from Applied Blockchain on July 12, and on July 5, they entered into an agreement with Compute Nord to include an additional 42 MW capacity.
“Applied Blockchain’s facilities are currently under construction,” Marathon said. “Based on construction plans, installations by Marathon Miners are expected to begin at these facilities during the fourth quarter of 2022 with all miners installed by approximately mid-2023.”
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