Bitcoin Bounces, Ethereum Soars And Marathon Digital Grows Ever Bigger

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Bitcoin is trading above $40k again while Ethereum showed even greater progress. At the time of writing, the world’s second biggest cryptocurrency is trading at $2800, up some 7% overnight. In the past week, Ethereum has gained 21%.

Pankaj Balani, CEO of crypto platform Delta Exchange, said:

ETH can outperform BTC in the medium- to long-term, but for the next few quarters, ETH should continue to exhibit strong correlation with BTC.

Marathon Digital grows ever bigger

Loyal readers of Cryptotips recall that in March of this year, we told you that Reddit forum WallStreetBets (who gained worldwide notoriety by taking a hedge fund to the cleaners) were quite bullish on several crypto mining companies. Because WallStreetBets has a rule not to discuss crypto on its forum, fans of digital currencies mostly try to talk up crypto mining firms in the US. Two of those, Marathon and Riot, were the site’s favorite investments at the time. Marathon Digital has now, because of the Chinese crackdown in the Middle Kingdom, become a global behemoth when it comes to mining Bitcoin.

After the total shutdown of mining activities in China, more and more mining farms are expanding internationally. Marathon now continues to acquire more and more machines for its Bitcoin mining infrastructure, mostly in the United States. Marathon Digital has been involved in cryptocurrency mining since 2018. It originally started mining in Canada, taking advantage of cheap electricity and keeping it competitive with Chinese miners.

Subsequently, the group started several activities in the United States, notably in Texas. In 2020, the latter acquired more than 10,000 Antminer S19 from manufacturer Bitmain. And at the start of 2021, 4,000 new machines have been added to its infrastructure.

In a press release issued on August 2, the company announced a massive new purchase from Bitmain, increasing its machine total by another 30,000.

“Increasing our percentage of the total network’s hash rate increases our probability of earning #Bitcoin and given the uniquely favorable conditions in the current #mining environment, we believe it is an opportune time to add new miners ” @fgthiel $MARA https://t.co/sJiG6sS1nW

— Marathon Digital Holdings (@MarathonDH) August 2, 2021

This machine park will make Marathon one of the largest mining players in North America. The group will then hold around 12% of the total hash rate of the Bitcoin network. The company’s stock is up some 160% year to date.

mmaxer / Depositphotos.com