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). The latest Marathon expansion deals are expected to support the bitcoin mining company’s target of around 23.3 exhash per second (EH/s).
Marathon Earns 254 MW of Bitcoin Mining Capacity: Company Aims to Have 23.3 PE/S by 2023
Publicly traded bitcoin miner Marathon (Nasdaq: MARA) has secured 254 MW of hosting deals, 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 achieve the company’s 2023 goal of 23.3 exhash per second (EH/s) of processing power. “With these new arrangements, we believe we have now secured enough hosting capacity to support our goal of reaching approximately 23.3 [exahash] per second of computing power for bitcoin mining by 2023,” Marathon CEO Fred Thiel said Monday. Thiel added:
[Each facility] is already under construction, which is essential to speed up installations. The first miners to be hosted under these new arrangements are expected to install in August, with surge installations at other locations in the fourth quarter of this year and continuing through 2023.
Marathon reaches 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 devices from manufacturers. However, in 2022, BTC mining earnings have been much weaker and reports have shown that several bitcoin miners have felt the stress of falling BTC prices.
In late June, the co-founder of Luxor Technologies estimated that $4 billion in loans secured by crypto mining platforms were at risk. After insuring thousands of miners at a discount rate, bitcoin miner Cleanspark explained that the crypto winter has brought “unprecedented opportunities.”
Marathon explained in its Monday announcement that it had 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 signed an agreement with Compute North to include a additional capacity of 42 MW.
“The Applied Blockchain facility is currently under construction,” Marathon detailed. “Based on construction schedules, the Marathon mining facility is expected to begin at this facility 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.
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