Bitmain Ships 4,000 Antminer S-19 Pro ASIC Miners to Marathon Patent Group
February 01 2021 - 8:15AM
Marathon Patent Group, Inc. (NASDAQ:
MARA)
("Marathon" or "Company"), one of the largest enterprise Bitcoin
self-mining companies in North America, today announced that 4,000
Antminer S-19 Pro ASIC miners have been shipped from Bitmain to
Marathon’s mining facility in Hardin, MT as scheduled.
Marathon’s current mining fleet consists of 2,560
miners, generating 248 PH/s (petahash per second). Each S-19 Pro
miner produces 110 TH/s (terahash per second) and adds 0.11 PH/s to
the Company’s existing operations. Once the additional 4,000
miners are installed, the Company’s mining fleet will consist of
6,560 miners producing approximately 688 PH/s. This represents a
256% increase of our current Hashrate production. To date, the
Company has purchased 103,060 miners, which, once delivered and
fully deployed, will produce approximately 10.36 EH/s (exahash per
second).
“This shipment of 4,000 S-19 Pro miners is the
first of many we will be receiving from Bitmain in 2021 as we build
towards becoming one the largest and most efficient miners in North
America,” said Merrick Okamoto, Marathon’s chairman and CEO. “We
are very encouraged to see that this order has been processed on
time and as anticipated. We expect all 4,000 of these miners to be
installed by the end of February, and based on current schedules,
we anticipate receiving and installing an additional 6,300 miners
in March and another 4,800 in April.
“I’d like to thank our partners at Bitmain for
their efforts to deliver the record number of miners we have
purchased from them as scheduled. The unique relationship we have
developed with Bitmain allowed us to secure these miners at rates
that were as favorable as possible for our business. Because of the
substantial increase in Bitcoin’s price and subsequent increase in
demand for mining rigs, these same miners are now being sold in
secondary markets at multiples of our original purchase price.
“According to publicly available Bitcoin profit
calculators, if all the miners we have purchased were deployed
today, and Bitcoin’s price were $30,000/BTC, we would produce
approximately 55-60 bitcoins per day at an average cost of
$4,541/BTC. We would generate approximately $51.5 million in
revenue per month and $43.6 million in gross profit per month. As
evidenced by this order, and the many to follow, Marathon remains
on track to efficiently become one of the largest miners in North
America.”
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. Future changes in the network-wide mining difficulty rate
or Bitcoin hashrate may also materially affect the future
performance of Marathon's production of Bitcoin. Additionally, all
discussions of financial metrics assume mining difficulty rates as
of January 2021. 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.
About Marathon Patent Group
Marathon is a digital asset technology company that
mines cryptocurrencies, with a focus on the blockchain ecosystem
and the generation of digital assets.
Marathon Patent
Group Company Contact:Jason AssadTelephone:
678-570-6791Email: Jason@marathonpg.com
Marathon Patent Group Investor
Contact:Gateway Investor RelationsMatt Glover and Charlie
SchumacherTelephone:
949-574-3860Email: MARA@gatewayir.com
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