Some miners may be hurting for cash, but others are hoping to see their operations grow by at least double through 2022. GEM Mining and Marathon Digital Holdings aim to find the revenue or tax breaks needed to ensure their longevity.
Crypto mining operations based in the United States are committed to increasing their hash power with more hardware despite Bitcoin’s three-month downturn.
Marathon Digital’s VP of corporate communications Charlie Schumacher told Cointelegraph in an interview that it is moving forward with plans to deploy 199,000 new machines byGEM Mining CEO John Warren said via email that it “plans to have 32,000 miners online by the end of 2022.” The fact that miners are expanding their operations comes as somewhat of a surprise. Late last week, concerns were raised about the capital efficiency of miners as it was reported thatin order to maintain cash reserves. Marathon Digital filed with the SEC to sell up to $750 million worth of its stock on Feb. 13.
“We can’t control the price of BTC, but we can control how we react to the market. We believe we are in a position to act opportunistically.”
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