Marathon Digital Just Unveiled its Purchased Antminers Costs $879M

American Nasdaq-listed Bitcoin mining company Marathon Digital has disclosed in a filing with the US Securities and Exchange Commission (SEC) that its recently purchased Antminer S19 XP was acquired for more than $879 million. As reported earlier by TheCoinRise, the company announced the acquisitions in the past week but did not mention the exact number and the cost of the hardware.

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The SEC filing revealed a total number of 78,000 of the latest model of the Antminer S19 XP are expected to be delivered beginning from the middle of next year. The mining company said the Antminers will be delivered in batches of 13,000 from July next year through December, an allowance necessary for Bitmain, the company it partnered up with to manufacture the products and deliver them in record time.

The costs of the machines will also not be paid once according to the filing as Marathon Digital detailed. Speaking of the deal with Bitmain and the agreed payment plan, the Marathon Digital filing reads;

“The purchase price is $879,060,000. The purchase price for the miners shall be paid as follows: 35% of the total amount within two days of execution of the purchase contract, 35% of each single shipment price at least six months prior to each such shipment, and the remaining 30% of each single shipment price at least one month prior to each such shipment.”

Marathon Digital to Bolster its Operations

As contained in its earlier announcement, Marathon Digital said it will have a total of 199,000 miners in its fleet by early 2022, a number that will increase its mining capacity to 23.3 EH/s, making Marathon one of the largest known publicly traded bitcoin miners in the world once all miners are fully deployed and operational.

“Given the strength of our balance sheet and our asset-light model, which allows us to invest our capital into mining machines rather than infrastructure, we were uniquely positioned to place the largest single order of S19 XPs, in terms of total hash rate, Bitmain has ever received,” Marathon CEO Fred Thiel said in a statement.

With this latest acquisition, Marathon Digital will not only bolster its operations, but it is also undoubtedly preparing for a Bitcoin mining future that many say will be dominated by American firms since China cracked down on miners operating in the country this year.

Amongst the ways the company seeks to achieve its aim is by raising funds from investors to fund its acquisitions. Thus far, Marathon Digital has had a good tale to show for its investments as it notably increased its mined BTC in October despite the global supply chain strain.

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