Marathon Patent Group Announces $23 Million Contract with Bitmain to Purchase 10,500 S-19 Pro Miners
August 14 2020 - 6:30AM
Marathon Patent Group, Inc. (NASDAQ:
MARA)
("Marathon" or "Company"), a Nasdaq-listed cryptocurrency mining
company, today announced that it has entered into a Long Term
Purchase Contract with Bitmain for the purchase of 10,500 next
generation Antminer S-19 Pro ASIC Miners.
Marathon’s Chief Executive Officer, Merrick Okamoto, stated,
“The execution of this contract with Bitmain represents a milestone
event for our company. This investment is expected to result in
Marathon being one of, if not the largest, Bitcoin miner in North
America.”
Okamoto continued, “Today’s news comes on the heels of recent
incremental business growth through the purchase of what now is
expected to total 13,520 next generation miners generating 1.55
Exahash upon full installation. I would like to take this
opportunity to thank Bitmain for working with us on this Long Term
Purchase Contract, which locks in the purchase price, a substantial
discount from the current retail price, and greatly reduces the
risk of price increases to the Company and potential shortage of
Miner availability in the future.”
"We are pleased to have provided Marathon with Bitmain’s latest
generation of Antminer S19 Pro mining hardware. Equipped with the
most advanced chipset currently available, the high-performance and
low power consumption of the miners will significantly improve
operations of Marathon's mining business. This collaboration
continues to strengthen our cooperation and will extend to future
work together as Marathon expands its presence in the mining
industry,” said Irene Gao, Antminer Sales Director of NCSA Region,
Bitmain.
Additionally, 1,360 Miners were delivered to our Hosting
Facility today, and the Company anticipates that all of these
Miners will be deployed this weekend and added to our current 700
Miners presently in operation, bringing our currently installed
Miners to 2,060 which will produce 184.6 PH/s. Bitmain will also
deliver 500 previously purchased S-19 Pro Miners in September and
500 in November. After the installations this weekend go
operational next week, the Company’s yields are expected to
generate prospective positive net cash flow, based on the current
price of Bitcoin and Hashrate difficulty.
Investor Notice
Investing in our securities involves a high degree of risk.
Before making an investment decision, you should carefully consider
the risks, uncertainties and forward-looking statements described
under "Risk Factors" in Item 1A of our most recent Annual Report on
Form 10-K for the fiscal year ended December 31, 2019. If any of
these risks were to occur, our business, financial condition or
results of operations would likely suffer. In that event, the value
of our securities could decline, and you could lose part or all of
your investment. The risks and uncertainties we describe are not
the only ones facing us. Additional risks not presently known to us
or that we currently deem immaterial may also impair our business
operations. In addition, our past financial performance may not be
a reliable indicator of future performance, and historical trends
should not be used to anticipate results in the future. See "Safe
Harbor" below.
Forward-Looking Statements
Statements made in this press release include forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934. Forward-looking statements can be identified by the use of
words such as “may,” “will,” “plan,” “should,” “expect,”
“anticipate,” “estimate,” “continue,” or comparable terminology.
Such forward-looking statements are inherently subject to certain
risks, trends and uncertainties, many of which the Company cannot
predict with accuracy and some of which the Company might not even
anticipate and involve factors that may cause actual results to
differ materially from those projected or suggested. Readers are
cautioned not to place undue reliance on these forward-looking
statements and are advised to consider the factors listed above
together with the additional factors under the heading “Risk
Factors” in the Company's Annual Reports on Form 10-K, as may be
supplemented or amended by the Company's Quarterly Reports on Form
10-Q. The Company assumes no obligation to update or supplement
forward-looking statements that become untrue because of subsequent
events, new information or otherwise.
Name: Jason Assad Phone: 678-570-6791 Email:
Jason@marathonpg.com
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