Fred Thiel has been inducted as the new Chief Executive Officer of Marathon Digital, which is the famous Bitcoin miner hailing from the North American region. Key positions have been changed for ensuring expansion of the company as the company intends to house 100,000 more Bitcoin mining machines before 2022.
It was reported a few days back Marathon Digital was looking to employ a new Chief Executive Officer. It has been confirmed today that the company has duly appointed a new CEO and the charge has been entrusted to a man named Fred Thiel.
Since the earlier CEO of the company has been elevated to the Board as a member, therefore, a vacancy of CEO was created. The duties of the CEO were formerly carried out by Merrick Okamoto who has now become the company’s Ex. Chairman of the Board. Okamoto had served the company in his capacity as CEO for more than 4 years as he was appointed in 2017.
Meanwhile, the new CEO, Thiel too had been associated with Marathon’s Board as its member since 2018. However, at that time the name of Digital Marathon was “Marathon Patent Group”, which was changed recently on 1st March 2021.
Former CEO of Marathon Digital, Okamoto, has stated that the Board and he had arrived at a decision to make key changes in the company. He suggested that the time was right to make a shift within the management and the responsibilities undertaken by key positions. He said that in order to carry forward the vision of the company’s expansion it was essential that the new CEO will be inducted. On the other hand, this will give him an opportunity to focus more on matters concerning the Board.
The new CEO namely Thiel had worked with a renowned company IGN (which was formerly known as Gamespy) in the capacity of its CEO. In his professional career, Thiel had served with various local and overseas fin-tech companies.
Meanwhile, Marathon Digital was once a company involved in encrypting software and remained a patent company since 2010. However, over the years, Marathon has transformed into one of the biggest Bitcoin mining companies in the world. It is currently the biggest and the leading Bitcoin mining company in the South American region.
For the purposes of its expansion, it was indicated by Marathon that it will soon be installing approximately 100,000 more mining machines. The installation of new machines is to take place before the start of 2022 and at the end of 2021. It was further told by the company that with the installation of a new mining setup, it will be able to boost its exahashes up to 10.37 per second. The present exahash power of the company is under 160 per second.
Marathon Digital’s known competitors in the industry are known as Blockcap and Riot. Both of its competitors too are looking to expand their mining activities.