Bitcoin miners in the U.S. aims operation expansion amid current market conditions

Despite Bitcoin’s (BTC) three-month fall and the ongoing Russia-Ukraine crisis, crypto mining firms in the United States remain devoted to boosting their hash rate with more hardware.

Boosting the Bitcoin hash rate is the primary aim 

Marathon Digital Holdings and GEM Mining, both United States-based Bitcoin mining firms, announced that they aim to extend their operations by at least doubling the number of equipment at their sites by 2022.

During an interview, Marathon Digital’s VP of corporate communications, Charlie Schumacher, said the company is going forward with plans to install 199,000 new hardware by 2023 to secure what is “arguably the future of the global monetary system.”

According to GEM Mining CEO John Warren, the company “plans to have 32,000 miners online” as the year ends.

Marathon’s capacity would rise by more than sixfold, while GEM’s capacity would double if its plans are implemented successfully.

Schumacher added that the company is leaving all options open and “is in a position to better work via capital markets” as it seeks the most cost-effective path to expansion.

As TheCoinRise reported, despite the sluggish movement of Bitcoin, the hash rate recently peaked to new all-time highs, implying better security.

Schumacher said:

“We can’t control the price of BTC, but we can control how we react to the market. We believe we are in a position to act opportunistically.”

GEM aims to reduce expenses

While Marathon focuses on expanding revenue sources, Bitcoin mining firm GEM is looking for methods to cut expenses. “State mining tax incentives are tremendously beneficial to companies like GEM Mining due to their effects on the cost of energy use,” Warren explained.

“Energy is one of the most significant inputs for mining operations, and tax breaks that exempt the sale or use of electricity can assist with reducing overhead costs and maintaining cash flows,” he added.