Bitcoin
$38,811.78+0.01%
Ethereum
$2,106.23+0.56%
Binance Coin
$227.34+0.18%
XRP
$0.61371900+0.74%
Solana
$61.85+1.87%
Cardano
$0.38957801+1.55%
Dogecoin
$0.08402631+1.03%
Tron
$0.11048767+1.24%
Chainlink
$15.89+6.38%
Toncoin
$2.43-1.61%
Avalanche
$22.00+0.33%
Polygon
$0.80697417+1.41%
PlayIconNav
Crypto Prices CoinDesk Market Index CoinDesk Market Index
Markets

Marathon Signs New $23M Contract With Bitmain for 10,500 Bitcoin Mining Rigs

The $23 million purchase will see Marathon's bitcoin mining capacity increase drastically, turning it into one of the largest miners in North America.

By Paddy Baker
AccessTimeIconAug 14, 2020 at 10:57 a.m. UTC
Updated Sep 14, 2021 at 9:43 a.m. UTC
(CoinDesk archives, modified using PhotoMosh)

(CoinDesk archives, modified using PhotoMosh)

10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Marathon Patent Group has signed a purchase agreement with Chinese mining manufacturer Bitmain to drastically increase output with 10,500 new Antminer S-19 rigs at a total cost of $23 million.

  • The Nasdaq-listed mining company announced Friday the new order will see its bitcoin mining capacity quadruple from 3,020 units to over 13,520 rigs.
  • Only last month, Marathon agreed to purchase a total of 1,360 rigs – 660 S-19s as well as 700 rigs from rival manufacturer MicroBT.
  • The new rigs will be installed this weekend at the company's facility in Quebec.
  • Having started expanding capacity in Q4 2019, the company says it expects the additional hashrate will make its mining facility a revenue-earning venture.
  • Bitmain plans to ship 1,000 previously purchased rigs to Marathon in October and November.
  • The deal means the Las Vegas-based Marathon will soon become one of the largest operators in the whole of North America, making up 1.2% of total hashrate on the Bitcoin network.
  • Marathon's stock price was up over 12% to just under $4 at press time.

See also: Mining Firm Hut 8 Reports 28% Drop in Q2 Revenue Following Bitcoin Halving

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.