Marathon Patent Group Announces Additional Purchase of 500 Next Generation S19 Pro ASIC Miners
May 19 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 500 of the latest
generation Bitmain S19 Pro Miners.
These 500 miners will produce 110 TH/s and generate 56 PH/s
(petahash) of hashing power, bringing the company’s total Hashrate
to approximately 185 PH/s when fully deployed. This compares to the
companies previous S-9 production of 46 PH/s. The company paid
$1,258,500.00 and was funded with cash on hand. The company expects
to take delivery of these units by the end of August.
On May 11, 2020, Marathon announced the purchase of 700 M30S+
(80 TH) miners. On May 12, 2020, the Company announced the purchase
660 Bitmain S19 Pro Miners. Today’s announcement of the purchase of
an additional 500 S19 Pro Miners brings the total state of the art,
next generation miners purchased in the past 8 days to 1,860
units.
With the recent price increase of Bitcoin, the forward months of
each batch of production capacity of Bitcoin miners has been
selling out. The company has worked very aggressively to acquire
miners with the nearest delivery dates so the miners may be put
into production as soon as possible. The company now has miners
scheduled to arrive in May, July, and August of this year. Only one
NASDAQ listed company has announced more hashing power coming
online this summer than Marathon.
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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