Hashrate Increases by 900% for Bitcoin Miner Merkle in Only 8 Months
The bitcoin miner Merkle Standard raised its overall computational power or hashrate to 3.1 exahash (EH/s) from roughly 0.3 EH/s over the past eight months through a joint venture with Bitmain, one of the major manufacturers of bitcoin mining equipment.
According to a statement released on Monday, the privately held miner has added 40 megawatts (MW) of extra mining capacity to its South Carolina facility, bringing its total mining capacity to 140MW. Bitmain's most recent mining rigs, the S19J Pro and S19 XP, will be used by the website to mine bitcoin (BTC).
For miners, the crypto winter has undoubtedly been challenging as their profit margins have shrunk as bitcoin prices have fallen more than 50% this year, while electricity costs have increased and financing has dried up. To strengthen their position when the market inevitably flips, some miners, like Merkle, have continued to build up their facilities during the bear market.
According to the company's website, Merkle's second facility, the Blue Ridge in South Carolina, will have 80MW of mining capacity by the end of 2024. Merkle's primary mining operation in Eastern Washington currently uses 100 MW of power, with 225 MW expected to be available by year's end in 2023 and a potential expansion capacity of 500 MW.
In an earlier statement made on Jan. 21, Merkle stated that it has signed a purchase agreement with Bitmain for 13,500 ASIC mining rigs, including both S19 XP and S19J Pro models.
Article Credit: Coin Desk
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