Marathon Patent Group Announces Purchase of 500 Additional Next Generation S19 Pro ASIC Miners
June 11 2020 - 08:15AM
Marathon Patent Group, Inc. (NASDAQ:
MARA)
("Marathon" or "Company"), one of the few Nasdaq listed
cryptocurrency mining companies in the United States, today
announced the purchase of an additional 500 of the latest
generation Bitmain S19 Pro Miners.
These 500 miners will produce 110 TH/s and generate 55 PH/s
(petahash) of hashing power, bringing the Company’s total Hashrate
to approximately 240 PH/s when fully deployed. This compares to the
Company’s previous S-9 production of 46 PH/s. The purchase price
paid was $1,190,000. The Company expects to take delivery of these
latest units by the end of September.
On May 11, 2020, Marathon announced the purchase of 700 M30S+
(80 TH) miners which now have been fully installed and are
operational. On May 12, 2020, the Company announced the purchase
660 Bitmain S19 Pro Miners followed by the announced purchase of an
additional 500 on May 19, 2020. Today’s announcement of the
purchase of an additional 500 S19 Pro Miners brings the total state
of the art, next generation miners purchased in the past month to
2,360 units. The Company is expecting delivery and installation of
1,160 Bitmain S19 Pro ASIC Miners in approximately the next 30-60
days, followed by the remaining 500 shortly thereafter.
Marathon’s Chief Executive Officer, Merrick Okamoto, stated “In
the past month, we have heavily invested in our business through
the purchase of these 2,360 next generation miners. We anticipate
that, upon full installation, we could experience at least a 500%
increase in our aggregate hash rate as compared to our production
rates before these new miners were acquired and installed.”
With the recent price increase of Bitcoin, each batch of new
Bitcoin miners has been selling out, pushing acquisition and
delivery dates out by several months. The Company has worked very
aggressively to acquire miners with the nearest delivery dates in
order to expedite its ability to bring miners online to ramp up
production in the shortest timeframe possible. The Company has
reached this goal with miners scheduled to arrive in June, July,
and September of this year. Only one NASDAQ listed company has
announced a greater increase in hashrate expected this summer than
Marathon.
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, 2018. 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.
CONTACT INFORMATION
Name: Jason Assad Phone: 678-570-6791 Email:
Jason@marathonpg.com
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