Marathon set to overtake Core Scientific

Marathon mined 1176 BTC in July and should very soon dethrone its competitor Core Scientific.

Marathon in its pre-halving sprint

The American miner mined a record 179 blocks in July. That is an increase of 20% compared to the previous month, and 1527% compared to last year. Everything is in place to collect the halving.

“The increase in our bitcoin production is due to the increase in our capacities and the reduction in idle times”can we read in the communicated monthly.

In fact, the Marathon facilities were hit by the vagaries of the weather last winter. However, the miner managed to triple its hashrate, crossing the 15 PE/s mark in May, then 17.7 PE/s in June and 18.8 PE/s in July (156,600 miners).

In the ITW below, CEO Fred Thiel claims that 23 PE/s will soon be reached, thanks in particular to his new installations on the United Arab Emirates side.

Two sites representing 250 MW will be operational there by the end of the year. All in immersion cooling, allowing Marathon to succeed where other miners have failed due to extremely hostile weather conditions.

The great specificity of Marathon is to be vertically integrated. The miner has, for example, its own pool or its own firmware which allows it to overclock its machines in immersion cooling.

Here are two articles to understand everything about overclocking and immersion cooling

– Bitcoin – How to unleash your antminers?

–Bitcoin Mining: Air vs Immersion cooling

The game is worth the candle since the Emirates “need an electrical power of about 4 gigawatts in summer (air conditioning) against only 1 gigawatt the rest of the time”. In addition, the heat generated by the miners is recovered to desalinate seawater.

“Our Abu Dhabi joint venture produced 16.8 BTC in July. Given our 20% stake, our share was 3.4 bitcoins. As of July 31, the hashrate stood at 1.2 exahash. We are aiming for 7 PE/s before the end of 2023”said Fred Thiel:

Marathon is also present in Texas, Nebraska and North Dakota. The strategy now is to diversify abroad.

In all, Marathon has mined 6,297 BTC since the start of the year and its reserve reached 12,964 BTC. In other words, Fred Thiel’s firm should become the world leader (hashrate itself) this month or next month.

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