As we approach the long-awaited Bitcoin halving, crypto miners have invested heavily in acquiring new infrastructures to maximize their profits post-halving. Marathon Digital has joined the slew of miners preparing for the 2024 Bitcoin halving.
In a December 19 report, the Marathon team revealed plans to acquire two mining sites at $178.6 million. The report demonstrated that the acquisition of the two sites will support Marathon in expanding its market presence in Texas and Nebraska, where the new sites are situated.
Marathon Digital Acquires New Mining Sites
The Bitcoin miner anticipates that if the acquisition deal for the two sites goes as planned, then Marathon will generate 390 megawatts (MW).
Besides increasing Marathon mining capacity, the report illustrated that the acquisition of the two sites would enable the Las Vegas-based Bitcoin miners to reduce operation costs. The company anticipates to reduce the cost per crypto mined to 30%.
An announcement conveyed by the chief financial officer at Marathon Digital, Salman Khan, demonstrated that the mining company has been preparing for the 2024 Bitcoin halving. The executive admitted that Marathon has been striving to improve its financial position by building a strong balance sheet.
Khan added that for the past few years, the Marathon team has invested heavily in increasing Bitcoin production and repaying the outstanding debts. This exciting development aims to prepare Marathon to tap into the viable opportunities after the Bitcoin halving.
Elsewhere, the chief executive of Marathon Holdings, Fred Thiel, was pleased to state that the acquisition will enable the Bitcoin miner to reduce the production cost by seizing “energy hedging opportunities.” The CEO added that the acquisition aims to allow Marathon to expand its operational capacity.
Significance of 2024 Bitcoin Halving
Interestingly, Marathon’s acquisition of the new mining site came when other Bitcoin miners were acquiring new mining rigs to increase the hash rate in preparation for the upcoming Bitcoin halving.
A few days ago, Iris Energy acquired new miners from Bitmain. The Iris team confessed that the acquisition of Bitmain version T21 aimed to support the firm in optimizing mining capacity.
The impressive move by Iris replicated the multi-million deal closed by Bitmain and Cipher mining company to increase the hash rate. The report indicates that the Cipher team acquired 37,396 units of Antminer version T21 from Bitmain in preparation for the upcoming bull market.
With the interesting development in the crypto sector, the upcoming Bitcoin halving will mark a historic event in the digital industry. Occasionally, the Bitcoin halving occurs after every four years, when the supply for BTC drops by nearly half.
Analysts envision that the expected Bitcoin halving will reduce the Bitcoin miners’ rewards by half. This implies that the miners will receive 3.125BTC for every block they create.
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