Marathon Patent Group Announces Purchase of Additional 10,000 S-19 Pro Miners from Bitmain
October 26 2020 - 8:15AM
Marathon Patent Group, Inc. (NASDAQ:
MARA)
("Marathon" or "Company"), the largest publicly traded Bitcoin
self-mining companies in North America, today announced that it has
entered into a contract with Bitmain to purchase an additional
10,000 next generation Antminer S-19 Pro ASIC Miners.
Each miner produces 110 TH/s (Terahash) adding 1.10 EH/s
(Exahash) to the Company’s existing operation of 2,560 miners. 500
additional S-19 Pro Miners will arrive at Marathon’s Hardin MT
facility in November 2020. Beginning in 2021, the Company will
receive the following shipments of S-19 Pro Miners: 4,000 in
January, 6,300 in February, 4,800 in March, 1,800 in April, 1,800
in May and finally 1,800 in June.
Marathon’s chief executive officer, Merrick Okamoto, stated, “We
are pleased to announce the continued growth of our mining
operations against the backdrop of recently increasing Bitcoin
prices. Upon delivery and full Installation of all purchased
miners, the Company’s mining operations will include 23,560 next
generation miners bringing our total hashrate to 2.56 Eh/s and
making us the largest self-miner in North America.
“The delivery of these new 10,000 S-19 Pro miners is scheduled
to begin in January 2021 and will be completed by March 2021. It is
important to note that this delivery is quicker than our previous
order for 10,500 miners, which will be delivered between January
and June 2021. These new 10,000 miners are expected to all be
deployed in Q1, three months earlier than our last purchase. As a
result, there will be a substantial increase in our Bitcoin Mining
revenue sooner than we had anticipated.”
Irene Gao, Antminer Sales Director of NCSA Region, Bitmain,
commented, "We are pleased to have provided Marathon with another
10,000 of Bitmain’s latest generation of Antminer S-19 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.”
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. 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
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9606d9fc-caae-4100-b3ee-c79a18c86e44
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