Bitcoin mining operation Marathon announced that the company has secured a new hosting contract for 254 megawatts with the option to increase to 324 megawatts (MW) Marathon has secured a new 254 megawatt hosting contract with an option to increase to 324 megawatts (MW). Marathon’s latest expansion contract should support the bitcoin mining company’s intended goal of securing approximately 23.3 exahashes per second (EH/s).
Marathon Secures 254MW of Bitcoin Mining Capacity – Targeting 23.3 EH/s by 2023
Listed bitcoin mineris Marathon(Nasdaq: MARA) has acquired a 254MW hosting arrangement (with an option to increase to 324MW) from several different hosting providers. This news follows the outage experienced by Marathon in mid-June (22}) (23}). Marathon experienced a storm-related outage in Montana in mid-June that took the company’s equipment offline.
The 254 MW of power will allow Marathon to reach its 2023 goal of 23.3 exahashes per second (EH/s) of processing capacity. Marathon Chairman and CEO Fred Thiel said Monday, “With these new arrangements, we now have sufficient hosting capacity to support our goal of achieving approximately 23.3 [exahash]/second throughput for bitcoin mining in 2023 Thiel added,
[Each facility is] already under construction, which is important to expedite the installation. The first mines to be hosted under these new arrangements are scheduled to be installed in August, with installations elsewhere increasing in the fourth quarter of this year and continuing through 2023.
Marathon Signs Agreement with Compute North and Applied Blockchain
Marathon and many other bitcoin mining operations will see significant growth in Q4 2021 and secured thousands of next-generation bitcoin mining devices from manufacturers. However, in 2022,. profits from BTCmining dropped significantly, and many bitcoin miners reported feeling stress due tolower BTC
At the end of June, Luxor Technologies’ co-founder estimated that $4 billion in loans backed by crypto mining rigs were struggling. After securing thousands of miners at discounted prices, bitcoin miner Cleanspark explained that the crypto winter brought “unprecedented opportunities.”
Marathon explained in Monday’s announcement that it had signed two agreements with Applied Blockchain (Nasdaq: APLD) and Compute North Holdings Inc. 200 MW from Applied Blockchain on July 12. They secured the first, and on July 5 they signed an agreement with Compute North that included 42 MW of additional capacity.
“The Applied Blockchain facility is currently under construction.” Marathon detailed.” Based on the construction schedule, installation of Marathon miners is expected to begin at these facilities during the fourth quarter of 2022, with all miners installed by approximately mid-2023.”
Image credits: Shutterstock, Pixabay, Wiki Commons