Business
Marathon Patent Group Purchases 70,000 S-19 ASIC Miners from Bitmain for $170 Million
Upon Delivery and Full Deployment, the Company’s Mining Operations Will Consist of More than 103,000 Miners Producing 10.36 EH/s LAS VEGAS, Dec. 28, 2020
About this update from Mara Holdings, Inc.
[{"type":"text","content":"Upon Delivery and Full Deployment, the Company’s Mining Operations Will Consist of More than 103,000 Miners Producing 10.36 EH/s\nLAS VEGAS, Dec. 28, 2020 (GLOBE NEWSWIRE) -- Marathon Patent Group, Inc. (NASDAQ:MARA) (\"Marathon\" or the \"Company\"), one of the largest enterprise Bitcoin self-mining companies in North America, has entered into a contract with Bitmain to purchase 70,000 Antminer S-19 ASIC miners. Under the terms of the agreement, Marathon anticipates receiving an initial batch of 7,000 S-19 miners in July 2021 and the final shipment in December 2021. Once all miners are fully deployed, the Company’s mining fleet will consist of more than 103,000 miners capable of producing 10.36 EH/s. This landscape changing purchase of these miners more than triples the size of Marathon’s existing fleet of 33,000 miners. Marathon’s Chairman and Chief Executive Officer, Merrick Okamoto, stated, “This purchase is the largest order in dollar terms as well as the single largest order for S-19 ASIC miners that Bitmain has ever received. We appreciate the hard work their team is putting in to fulfil this order as well as the 30,000 S-19 miners we have purchased since August 2020. Our relationship with Bitmain is an important component of our potential for future success, and we look forward to continuing working with them to scale our business.” Antminer Sales Director of North, Central, and South America (NCSA) at Bitmain Irene Gao commented, \"We are excited that Bitmain has won this record-breaking purchase contract from Marathon. Marathon has quickly become our largest customer, and our partnership continues to mutually benefit both of our companies.” 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 cur...