Marathon Digital Holdings, a Nasdaq-listed bitcoin mining company based in Las Vegas, has ordered mining machines worth $879.06 million from Bitmain. The Nevada based entity disclosed this purchase in a press release last week. 

Marathon is one of the largest public bitcoin mining companies in the world and is estimated to produce a total of over 3,000 bitcoins in 2021 currently worth over $143 million given its track record through the year as per media reports. 

While the order was disclosed last week, but its purchase price has been disclosed on Tuesday in a Form-8K filing. The order includes 78,000 units of Bitmain's Antminer S-19 XP mining machines, to be delivered through 2022. With this fleet, the total mining fleet of Marathon will reach 23.3 EH/s by early 2023.

The delivery is divided into six batches, with 13,000 units to be delivered each month starting July to December 2022. Marathon will pay Bitmain in batches as well. "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," said Marathon.

This is the largest single order Bitmain has ever received for S19 XPs, in terms of total hash rate (140 terahashes per second or TH/s), according to Marathon CEO Fred Thiel. “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”, said Fred Thiel, Marathon's CEO.

"This growth represents more than a 600% increase from our current hash rate and a 75% increase from our prior projection of 13.3 EH/s by the middle of 2022," he added.

BITMAIN commented, “Marathon continues to be one of BITMAIN's most important clients. We are pleased to again support their progress with this order for our S19 XPs, which are among the most powerful and efficient bitcoin miners available today. We look forward to continuing our working relationship with Marathon."