Marathon Patent Group Announces Purchase of 700 M31S+ ASIC Miners and Shipment of 660 S-19 Pro Bitmain Miners
July 29 2020 - 8:15AM
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 700 next generation M31S+ ASIC Miners
from MicroBT. The miners are expected to arrive mid-August.
Additionally, Bitmain has notified the Company that 660 of the
1,660 Bitmain S-19 Pro Miners previously purchased will be
delivered in mid-August.
Marathon’s Chief Executive Officer, Merrick Okamoto, stated, “In
the past few months, we have heavily invested in our business
through the purchase of now 3,020 next generation miners. We
currently have 700 M31S+ miners operational producing 56 PH/s.”
Okamoto continued, “Upon delivery and installation of the 1,360
miners due to arrive in August, the company will have 2,060 Miners
operational, producing 184 PH/s. As a result, the Company's
aggregate hashing power capacity would increase by 320% from the
current level of 56 PH/s. Based on current Bitcoin prices, the
company would expect to become cash flow positive.
The 1,000 remaining S-19 Pro Miners due to arrive in the 4th
quarter will produce an additional 110 PH/s, which when installed
will give the Company an aggregate Hashpower of 294 PH/s.
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, 2017. 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
MARA (NASDAQ:MARA)
Historical Stock Chart
From Aug 2024 to Sep 2024
MARA (NASDAQ:MARA)
Historical Stock Chart
From Sep 2023 to Sep 2024