Marathon Patent Group Announces Global Bit Ventures Purchase of 1,300 Bitmain S9 Antminers
January 12 2018 - 7:00AM
Marathon Patent Group, Inc. (Nasdaq:MARA) (“Marathon” or the
“Company”), today announced that Global Bit Ventures Inc. (“GBV”),
a digital asset technology company that mines cryptocurrencies has
purchased 1,300 of Bitmain’s Antminer S9 miners (“Antminer S9s”).
Marathon and GBV have entered into a definitive purchase agreement
whereby Marathon is acquiring 100% ownership of GBV.
The Antminer S9s are manufactured by Bitmain,
one of the world’s most recognized Application Specific Integrated
Circuit (“ASIC”) server manufacturers. The 1,300 Antminer S9s
are expected to utilize an estimated 1.8 MW of power once fully
deployed and add 14 Ph/s of ASIC mining capacity. GBV currently
owns 1,000 GPU mining servers capable of 250 GH/s. The Antminer S9s
are able to mine any cryptocurrency using the SHA256 algorithm,
including Bitcoin and Bitcoin Cash.
Merrick Okamoto, Marathon’s Interim Chief
Executive Officer and Chairman of the Board of Directors, stated,
“We are pleased that GBV has now acquired the anticipated 1,300 new
S9s. The addition of 14 Ph/s of ASIC mining capacity, in
combination with our anticipated merger, sets the stage for rapid
revenue acceleration in the years ahead.”
On November 2, 2017, Marathon announced that it
had entered into a definitive purchase agreement to acquire 100%
ownership of GBV. GBV has a robust infrastructure in place with
significant capability for expansion. The closing of the
transaction is subject to obtaining requisite approvals and
customary closing conditions.
About Marathon Patent Group,
Inc.
Marathon is an IP licensing company. Following
the acquisition of GBV, the combined company will focus on the
development of GBV’s new business involving the blockchain
ecosystem and generation of digital assets. GBV is focused on
mining digital assets and intends to add specialized computer
equipment and plans to expand its activities to mine new digital
assets. To learn more about Marathon Patent Group, visit
www.marathonpg.com. To learn more about Global Bit Ventures Inc.,
visit www.globalbitventures.com.
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.
Contact Information
Name: Jason Assad Phone: 678-570-6791 Email:
Jason@marathonpg.com
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