Marathon Patent Group Purchases 70,000 S-19 ASIC Miners from Bitmain for $170 Million
December 28 2020 - 8:15AM
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 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. Future
changes in the network-wide mining difficulty rate or Bitcoin
hashrate may also materially affect the future performance of
Marathon's production of Bitcoin. 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.
About Marathon Patent Group
Marathon is a digital asset technology company that mines
cryptocurrencies, with a focus on the blockchain ecosystem and the
generation of digital assets.
Marathon Patent
Group Company Contact:
Jason AssadTelephone:
678-570-6791Email: Jason@marathonpg.com
Marathon Patent Group Investor
Contact:
Gateway Investor RelationsMatt Glover and Charlie
SchumacherTelephone:
949-574-3860Email: MARA@gatewayir.com
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