Marathon Nears BTC Hash Rate Target By Increasing Mining Capacity

Marathon nears BTC hash rate target after it increased the mining capacity after the latest agreement with Applied Blockchain so let’s have a closer look at today’s latest Bitcoin news today.

The data center of the BTC miner Marathon nears BTC hash rate target as it secured 254 megawatts of the new hosting power for the company operations and can boost the supply to 324 megawatts if it collaborates with other providers. The move can help reach the goal of 23.3 EH/s of computing power for mining in 2023. The US-based BTC mining company made a deal with Applied Blockchain as the latter secured up to 200 megawatts of hosting capacity for Marathon Digital’s miners.

Applied Blockchain promised to distribute 90 megawatts to the company facilities in Texas and 110 megawatts to the ones In North Dakota. The data center provided Marathon with the option to boost the hosting capabilities in the state with 70 megawatts with the organization having 66,000 miners in the areas combined and representing 9.2 EH/s.

Marathon aims to achieve 23.3 EH/s of the total computing power for BTC mining with the latest deal with Applied Blockchain and 254 megawatts of hosting power being able to guide these ambitions. If the terms of the agreements are met, Marathon is expected to reach the target in a year’s time. The company aims to install 14,000 miners in the TExas facility before the end of 2022 with the initiative being able to speed up the expansion. Commenting on the mining capacity was Fred Thiel as the CEO of Marathon:

“With these new arrangements, we believe we have now secured enough hosting capacity to support our target of achieving approximately 23.3 exahashes per second of computing power for Bitcoin mining in 2023.

Each of these facilities is already under construction, which is critical for expediting installations. The first miners to be hosted under these new arrangements are scheduled to be installed in August, with installations ramping at other locations in the fourth quarter of this year and continuing into 2023.”

It is worth noting that Marathon’s shares reacted well to the announcement and before the news, a single stock was trading at $8 while after it soared by 20%. the company disclosed that during Q2 in 2022 it mined 707 BTC and similar to other periods, it didn’t sell any of its crypto stashes and now holds 10,055 BTC. This equals up to $218 million and the production levels could have also been higher if the company didn’t have to solve some of the maintenance issues in TExas and battle a storm in Montana.