Bitmain, China’s biggest maker of crypto mining devices, has traded 30,000 miners to Marathon Digital (a publicly-traded firm providing the technology of digital assets to the crypto miners) in return for $120.7M, as pronounced in a Monday’s press release. Bitman (a firm based in Beijing) is not much powerful in selling mining apparatus. Inside the mining space of blockchain, as mentioned by the website of the company, it has shipped nearly billions of ASIC (application-specific integrated circuit) miners who contribute global market’s 75%. ‘ASIC miners’ is the name given to the electrical circuits that are developed to mine BTC (Bitcoin) as well as the other cryptocurrencies.
It has been anticipated by Marathon that a total of the 30,000 miners would be shipped by Bitmain within the period of the next six months ranging between January and June of 2022. Fred Thiel, the CEO of Marathon, stated that the total strength of the company’s miners would be increased by 30%, reaching up to 133,000 BTC miners that will produce 13.3 EH/s after making this purchase. Thiel added that the increase in the percentage of the cumulative hash rates of the network would elevate the probability of earning Bitcoins for the firm as well as it will induce exclusively fortunate conditions into the present mining environment.
He proposed that the current time is appropriate to incorporate the latest miners into the mining activities of the firm. He further pointed out that the Bitcoin hash rate of the firm could have already been expedited by 12%, touching to 109 EH/s, from which 1 EH/s count to one quintillion per second hashes if the miners to be shipped were working at present. Thiel hoped that the mining activities of the firm would outperform all the rest of North America following the complete deployment of all the miners.
Commonly, several mining companies are shifting their mining activities from China to North America following June’s ban of Beijing on BTC mining. It has been previously reported that the massive portion of mining firms that shifted to North America has proved to be a decentralizing power that emptied China. During the recent months, following the crackdown of Beijing over the Chinese industry of crypto mining, which consists of more than 65% of the mining capacity across the world, up to 90% of the BTC mining power in China is anticipated to close only after a few weeks of the banning announcement from Qinghai province.