5/3/2023 0 Comments Highest hashrate zcash minerIn order to finance its order, a record-setter in terms of the amount, Marathon Digital took out a $100 million loan from Silvergate Bank in October. This news saw the companies shares rise by 12% in the space of just one day. Their aim is to increase their current hash rate by 600% to 23 EH/s by the start of 2023 to become the biggest publicly traded mining firm in the world. Thus, on 23 December, Marathon Digital announced a record order for a farm of the latest s19 XP ASICs from Bitmain. On the other, however, it requires companies to constantly increase their computational capacities in order to remain attractive to investors. On the one hand, attracting external capital reduces one's own financial risk. This arms race helped bring about the full recovery of Bitcoin's computational capacities over the course of the last seven months. The bulk of second-hand Chinese gear made its way to neighbouring countries, while US-based companies put in scores of new equipment orders using funds from IPOs and loan capital. ![]() This total redistribution saw China lose all of its share of the mining market as the US took the top spot (34%), with Kazakhstan (13.8%) and Russia (11.9%) moving into second and third place, respectively. After that, the lower mining difficulty and increased reward from one terahash led to an explosion of demand in the ASICs market. Following the PRC's expulsion of miners, the network's capacities fell by 50%. Up until May, China had been responsible for half of the entire global Bitcoin hash rate.
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