Marathon Patent Group Begins Deployment of 6,000 S-9 Bitmain Antminers and Relocates Miners from the Company's Granby Locatio...
October 25 2019 - 8:00AM
Marathon Patent Group, Inc. (NASDAQ:MARA) ("Marathon" or
"Company"), announced today the company has begun to deploy its
recently acquired 6,000 S-9 Bitmain Antminers.
The first Miners are being installed under a hosting agreement
with Compute North at its new 100MW site in Nebraska. The Company
selected Compute North because of its strategically located
facilities which provide lower cost renewable energy with a high
level of reliability and security.
Marathon made the decision to relocate the Miners from the
company’s facility in Granby, Quebec in order to reduce the
operating costs by approximately $60,000 per month for the 1,200
miners that were operating. The company expects to have 3,500
Miners installed over the next two weeks and the remaining 3,700
Miners installed by December 15, 2019. Once the full deployment is
completed, Marathon will have 7,200 miners in production and will
increase the current HashRate production level from 14 PH/s to
approximately 100 PH/s, making Marathon one of the largest publicly
traded Bitcoin Mining companies in North America.
Marathon Chairman and CEO, Merrick Okamoto stated, “This
deployment of our recently acquired Miners and redeployment of our
existing Miners will establish a very low-cost operation while
substantially increasing the company’s cash flow.”
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 AssadPhone: 678-570-6791Email:
Jason@marathonpg.com
Marathon Digital (NASDAQ:MARA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Marathon Digital (NASDAQ:MARA)
Historical Stock Chart
From Apr 2023 to Apr 2024