Marathon Digital Holdings Introduces Bitcoin Transaction Service “Slipstream”
Marathon Digital Holdings is a Bitcoin mining firm based in Nevada, US. The firm recently announced a new digital payment service with Bitcoin called Slipstream. This service is designed to accelerate the huge and non-standard Bitcoin transactions. Traditionally, Bitcoin transactions are able to fit on a blockchain network and do not have a lot of complexity.
Easy and Transparent Transaction Process
These important factors allow Bitcoin transactions to be completed in a rapid manner and make for a simpler processing method. However, there are groups or individuals who wish to support massive transaction volume and make frequent trades. The firm published a press release noting that a direct transaction offer service is present but they operate on a basic format.
However, Slipstream offers a sophisticated, transparent, and trustworthy mode of making complicated Bitcoin transactions on the blockchain network. The platform works for all Bitcoin transactions as long as they adhere to Bitcoin protocol. The firm noted that the platform was able to offer these services on account of its expertise in handling scale, mining pool, and technological infrastructure.
Hut 8 Starts Construction on New Bitcoin Mining Site in Texas
Hut 8 is one of the top Bitcoin mining firms alongside Marathon Riot etc. The firm has been working on expanding its Bitcoin mining sites as part of its expansion plan. To this end, the North American firm recently started a 63-megawatt mining farm in Texas. This mining site is the 5th location and is said to cost 40% less in comparison to other locations as per the Cointelegraph report.
The Bitcoin miner has reported that it is set to open for business in 2nd quarter of 2024. A review of a press release published by Hut 8 indicated a lower-cost mining operation in comparison to other sites in Nebraska. Asher Genoot, CEO of Hut 8, noticed that in comparison to $460K cost per megawatt, the all-in-expense of design and construction in the county is estimated to drop down to only $275K per megawatt.
In this manner, the firm will be able to save around 40% or around $18,500,000 in upfront development overhead for every 100 megawatt during the expansion plan. Cointelegraph reported that Hut 8 and US-based Bitcoin Corp. founded a new merger in December 2023. The $275 million merger allowed the firm to resume operations to operate as Hut 8 with HQ based in Miami, Florida.
Riot and Other Mining Firms to Face Chip Shortage
Bitcoin mining firm Riot platforms report indicates chip shortage as one of the issues that is hindering mining profitability. The 2023 annual report listed probable chip famine as one of the 13 continued risks. The firm also added the notion in a 10-K filing on 23rd February. The firm quoted international logistics constraints and increasing demand for processing chips as part of the main reason for the semiconductor shortfall.
In addition to Riot other Bitcoin miners have also alluded to the same concerns. US mining firm CleanSpark noticed in a last year report the potential of hardware scarcity. Another miner, TeraWulf has cited supply chain issues as a potential risk factor in this regard. Riot maintained that it has been paying higher than usual costs to acquire and install small mining units on account of chip shortage.
JPMorgan issued a statement in April last year noting that the chip dearth is near its end. However, the problem has persisted throughout 2023 and is expected to be a major issue in 2024 as well. Riot platforms have consented to purchase 66,550 new mining units for $291 million.
The firm is making the purchase from MicroBT in December as the largest order of hash rate to date as per Riot CEO Jason Les. In the light of ongoing competition and upcoming halving various Bitcoin miners have entered a race to increase their hash rate generation power.
On this front, Marathon Digital purchased two data centers from Generate Capital for $178.6 million reaching a total capacity of 390 megawatts.
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