Bitcoin mining mining Marathon has announced that the company has secured 254 megawatts of new hosting deals with the option to increase to 324 megawatts (MW). Marathon’s latest expansion deals are expected to support the bitcoin mining company’s target of around 23.3 exahash per second (EH/s).
Marathon secures 254 MW of Bitcoin mining capacity – Company aims to have 23.3 PE/S by 2023
Publicly traded bitcoin miner Marathon (Nasdaq: MARA) secured 254 MW of hosting arrangements, with the option to increase to 324 MW, from a few different hosting providers. The news follows the outage Marathon experienced in mid-June in Montana when a storm disrupted operations and the company’s devices went offline.
Securing 254 MW of power will enable Marathon to meet the company’s 2023 goal of 23.3 exahash per second (EH/s) of processing power. “With these new arrangements, we believe we have now secured sufficient accommodation capacity to support our target of reaching approximately 23.3 [exahash] per second of computing power for bitcoin mining in 2023,” Marathon CEO Fred Thiel said Monday. Thiel added:
[Each facility] is already under construction, which is essential to expedite installations. The first miners to be housed under these new arrangements are expected to be installed in August, with ramp-up installations at other locations in the fourth quarter of this year and continuing through 2023.
Marathon strikes deals 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 devices from manufacturers. In 2022, however, BTC mining profits have been much weaker and reports have shown that a number of bitcoin miners have felt the stress of falling BTC prices.
At the end of June, the co-founder of Luxor Technologies estimated that $4 billion in loans secured by crypto-mining rigs were in distress. After securing thousands of miners at a discounted rate, bitcoin miner Cleanspark explained that the crypto winter has offered “unprecedented opportunities.”
Marathon explained in its announcement on Monday that it had entered into two agreements with Applied Blockchain (Nasdaq: APLD) and Compute North Holdings Inc. It obtained 200 MW from Applied Blockchain on July 12, and on July 5 it signed a agreement with Compute North to include additional capacity of 42 MW.
“Applied Blockchain facilities are currently under construction,” a detailed Marathon. “Based on construction schedules, Marathon miner installations are expected to begin at these facilities during the fourth quarter of 2022 with all miners installed by mid-2023.”
What do you think of Marathon securing 254 MW of bitcoin mining capacity to meet its 23.3 PE/s target? Let us know what you think about this topic in the comments section below.
image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss enhanced or likely to have been enhanced by or in connection with the use of or reliance on any content, goods or services mentioned in this article.