Marathon Patent Group Announces Additional Purchase of 660 Next Generation S19 Pro ASIC Miners
May 12 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 an additional 660 latest generation
Bitmain S19 Pro Miners.
The 660 miners produce 110 TH/s and will generate 73 PH/s
(petahash) of hashing power, bringing the company’s total Hashrate
to 129 PH/s compared to companies S-9 production of 46 PH/s. The
company paid $1,729,200 and the purchase was funded with cash on
hand. The company expects to take delivery at our Hosting Facility
by the end of July and will be deployed by our hosting partner
Compute North upon their arrival.
On May 11, 2020, Marathon announced its purchase of 700 M30S+
(80 TH) miners. The combined purchase is another step supporting
the Company's recent strategic initiatives focused on expanding its
bitcoin mining operations. Marathon anticipates that the 700
M30S+ miners will be deployed by June 1, 2020 and the S19 Pro’s in
late July. When all 1,360 miners are fully deployed, Marathon
estimates its aggregate operating hash rate will increase over 280%
to approximately 129 petahash per second ("PH/s")
The latest generation of bitcoin ("BTC") Application-Specific
Integrated Circuit ("ASIC") miners from Bitmain are markedly more
energy efficient than prior Bitmain models and other ASIC miners
currently available. The May 11th purchase of 660 Bitmain S19 Pro
Antminers boast a hash rate of 110 TH/s and an energy efficiency of
29.5±% 5 joules per terahash (J/TH).
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 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