Companies specializing in cryptocurrency mining want to remain successful in their industry, especially since 2022, it is expected that new users will come to the market. For this, they make their arrangements. For example, Marathon Digital just bought 78,000 bitcoin mining (BTC) devices for $ 900 million.
The acquisition of 78,000 mining devices for 900 million dollars
Marathon Digital Holdings is one of the world’s largest cryptocurrency mining companies. She recently acquired 78,000 Antminer S-19 XP mining devices from Chinese manufacturer Bitmain. For this operation, the cost amounted to around 900 million dollars!
The company has yet to receive the products it ordered. However, a reception period is already defined. The filing with the Securities and Exchange Commission (SEC) underlines that the company will receive its devices during the second half of the year 2022. The reception schedule is also known. The manufacturer will deliver 13,000 units per month in July, August, September, October, November and December.
News of the acquisition was announced almost a week ago. However, the cost of the transaction was not disclosed. Today, it is. Obviously, this had a positive impact on the company’s stock price. Indeed, after the disclosure of the information, the company’s shares jumped 10% in a single day.
The company has predicted that through the deal it has completed, around 200,000 BTC miners will become its clients. Their activity will allow to reach an increase of 600% compared to the statistics carried out this year.
In the footsteps of other companies
Last month, Marathon Digital revealed its intention to raise $ 500 million by issuing reversible bonds on the market. The company explained that it plans to use the proceeds from that show to purchase BTC mining accessories. That’s what she did.
Marathon Digital is not the first publicly traded company to fundraise to buy cryptocurrency. This operation had already been carried out by the giant MicroStrategy which is listed on the NASDAQ. Moreover, he had done it many times, which allowed him to raise more than a billion dollars to buy BTC.
Another company also bought mining devices. This is the Stronghold Digital Mining company based in Pennsylvania. It purchased 9,080 Bitmain and MicroBT extraction devices, which enabled it to strengthen its power generation capacities.
Determined to impose itself on the cryptocurrency mining market, the company Marathon Digital has acquired devices from the Chinese manufacturer Bitmain. The total cost of the operation is around $ 900 million.
Source: Cryptopotato
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