Marathon Patent Group Announces Purchase of 700 Next Generation M30S+ ASIC Miners
May 11 2020 - 8:00AM
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 M30S+ ASIC Miners
from MicroBT.
The 700 miners produce 80/Th and will generate 56 PH/s
(petahash) of hashing power, compared to companies current S-9
production of 46 PH/s. These next generation MicroBT ASIC miners
are markedly more energy efficient than our existing S-9 Bitmain
models. The company paid $1,277,455 and the purchase was funded
with cash on hand. The company expects to take delivery at our
Hosting Facility by the end of May and our hosting partner, Compute
North, expects to install them within 48 hours of their
arrival.
The M30S+ is one of the latest generations of bitcoin (“BTC”)
Application Specific Integrated Circuit (“ASIC”) miners from
MicroBT. It can achieve 100 TH/s at 34J/T and has already proven to
be highly stable. The units come with a 1-year warranty versus the
industry standard 6-month warranty.
Merrick Okamoto, Chief Executive Officer, stated, “We are
excited to add these advanced next generation miners at the same
time Bitcoin prices have recently experienced substantial
appreciation and are testing the psychological $10,000 level. We
believe this investment, combined with our lean operating structure
and recently improving Bitcoin prices, positions us well
prospectively. As we approach the Halving, we will wind down the
production of our substantially less energy efficient S-9 Bitmain
miners and continue to add more advanced next-generation mining
equipment if Bitcoin prices maintain price levels which allow our
miners to operation profitably.”
Halving
The bitcoin blockchain and the cryptocurrency reward for solving
a block is subject to periodic incremental halving. Halving is a
process designed to control the overall supply and reduce the risk
of inflation in cryptocurrencies using a Proof-of-Work consensus
algorithm. At a predetermined block, the mining reward is cut in
half, hence the term “halving”. For bitcoin, the reward was
initially set at 50 bitcoin currency rewards per block and this was
cut in half to 25 on November 28, 2012 at block 210,000 and again
to 12.5 on July 9, 2016 at block 420,000. The next halving for
bitcoin is expected on May 12, 2020 at block 630,000 when the
current 12.5 reward will reduce to 6.25. Many factors influence the
price of bitcoin and potential increases or decreases in prices in
advance of or following a future halving is unknown.
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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