Marathon Digital Holdings just dropped a wildly bullish hash rate projection for Bitcoin in 2022. Covered: Marathon Hash Rate Projection What Does This Mean For Bitcoin? Marathon Digital Holdings is the largest publicly-traded Bitcoin miner in the US. Now that the firm has been stacking up a stash of over 8,500 BTC, they’ve been in […] The post What Marathon’s Crazy High Hash Rate Projection Means For Bitcoin In 2022 appeared first on CryptosRus.

What Marathon’s Crazy High Hash Rate Projection Means For Bitcoin In 2022

Marathon Digital Holdings just dropped a wildly bullish hash rate projection for Bitcoin in 2022.

Covered:

  • Marathon Hash Rate Projection
  • What Does This Mean For Bitcoin?

Marathon Digital Holdings is the largest publicly-traded Bitcoin miner in the US. Now that the firm has been stacking up a stash of over 8,500 BTC, they’ve been in the game long enough to see where Bitcoin innovation is growing. The most recent projections from Marathon, however, may surprise even the most seasoned Bitcoin veterans.

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Marathon Hash Rate Projection

Marathon Digital released a February production update, recapping the firm’s January mining operations and projecting future developments in the space. And it appears that Marathon’s latest hash rate projection tells quite the tale for any Bitcoin bull.

Since the beginning of 2021, Marathon has clocked a consistently growing hash rate as the year progressed, however, the company’s mid-2022 and early 2023 projections indicate that Bitcoin mining activity, not just price, could be set to go parabolic throughout the next year.

If you’re not familiar, the Bitcoin hash rate tracks the overall “liveliness” of Bitcoin mining by measuring the amount of computing and process power being contributed to the network. As a general rule of thumb, the higher the hash rate, the more mining there is happening.

Despite the hash rate collapsing in June due to the fallout of Chinese miners flocking the country, Marathon and other miners around the world held strong, as reflected in the company’s monthly inflows of Bitcoin.

“As of February 1, 2022, BITMAIN has delivered approximately 93,000 top-tier bitcoin miners to Marathon. 32,710 of these miners have been successfully deployed, and as a result, the Company’s hash rate as of February 1, 2022, was approximately 3.6 EH/s.

…Marathon continues to expect all of its purchased miners to be deployed by early 2023, at which point, the Company’s mining operations are expected to consist of approximately 199,000 bitcoin miners, producing approximately 23.3 EH/s, making Marathon one of the largest known publicly traded bitcoin miners in the world.”

What Does This Mean For Bitcoin?

Obviously, numbers going up is generally a good thing for Bitcoin (and even numbers going down?), but I think Marathon’s hash rate projection tells us more than just the fact that Bitcoin miners will be growing exponentially.

If mining does go parabolic in 2022, that would also imply a parabolic increase in security and resiliency of the network moving forward. Bitcoin miners keep the network alive; by mining Bitcoin, you are opting into the upkeep of the network. Bitcoin’s rising price may not enough to convince skeptics of its value, but if there’s anything more legitimizing to Bitcoin than the price itself, it’s a strong network of miners. Russia just hopped in on the action as well, so the reasons to believe Bitcoin mining will slow down seem to be dwindling fast.

Not only is mining going parabolic; the Bitcoin Lightning Network seems to be as well.

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With the combination of more and more participants joining the network in economically unstable countries, combined with the fact that miners like Marathon plan on exponentially ramping up operations, we could see that “scarcity play” that crypto trader Pentoshi alludes to sooner than we anticipate as economically unstable countries and miners fight over the remaining supply.

Did I mention that we’ve already mined and distributed over 90% of the supply? The last 10% will take another century to mine, so there’s not much left to go around.

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