Marathon Digital will likely stay focused on tripling its hash rate organically by the middle of next year — before potentially acting on other buying opportunities among distressed bitcoin miners, CEO Fred Thiel said Tuesday.
The comments during the company’s earnings call Tuesday doubled down on the executive’s strategy shared with Blockworks last month.
“We’d prefer to buy the latest, state-of-the-art miners, deploy them so we have an energy consumption advantage…and then drive the type of hosting agreements that fit our model,” Thiel said Tuesday. “I don’t see us going and consolidating the industry necessarily, but that being said, there may be unique opportunities and we’ll be open to looking at things.”
For example, Thiel said last month Marathon would keep an eye on cheap assets from struggling miners. The mining rig operator could look to purchase a hosting site, for example, if such a buy made strategic sense.
Industry watchers told Blockworks earlier
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