RECORD MINING PURCHASES

Marathon Bought 78,000 Bitcoin Miners For $879 Million
By Namcios

Marathon Digital Holdings, a publicly-traded bitcoin mining company, last week announced a “record purchase” of Bitmain ASIC rigs, which according to a Tuesday filing with the Securities and Exchange Commission (SEC) will cost over $879 million and increase the miner’s fleet by 78,000 machines.

Marathon had disclosed broad information about its purchase last week when it announced it had entered the agreement with Bitmain to acquire the record number of bitcoin mining rigs.

“With this latest purchase of S19 XPs, we will be growing our Bitcoin mining operations to approximately 199,000 total miners and 23.3 EH/s by early 2023,” Marathon CEO, Fred Thiel, said in a statement last week.

EL SALVADOR ADOPTION

Government-Imposed Bitcoin Adoption Is Clashing With Community Efforts On The Ground In El Salvador 
By Anita Posch

Embracing Bitcoin is a bold move and a great chance for countries like El Salvador, but the end doesn’t always justify the means. The article alleges that Bitcoiners are being played for President Nayib Bukele’s power fantasies of a new Bitcoin City, whose original plans were downloaded from the internet.

Bitcoin is non-political, therefore Bitcoiners shouldn’t get too close to politics. Educational communities like Bitcoin Beach and Bitcoin City SV are far more likely to achieve sustainable Bitcoin adoption than airdrops and the coercion to use custodial wallets.

THE DAILY BITS

GEM MINING'S HASHRATE

John Warren's Gem Mining Reaches Bitcoin Hashrate of 1.25 EH/S

By Namcios

GEM Mining, the bitcoin mining company headed by former South Carolina Gov. candidate John Warren, has increased its deployed fleet by over 4,000 machines and now houses 13,118 active mining rigs according to a Wednesday statement.

“We will continue to seek out opportunities to deploy industry-leading technology with our premier hosting partners,” Warren, CEO of GEM Mining, said in a statement. “That has been our mission since the company’s inception and will continue to be our focus in 2022.”

Warren previously said he founded GEM Mining after having spotted “huge opportunities” in the mining industry last year. The entrepreneur was joined by four founding partners to start the Bitcoin business and has since raised $200 million.

MEME OF THE DAY