Nasdaq-Listed Firm Marathon Buys 10,500 Next-Gen Bitcoin Miners for $23M

One of the earliest Nasdaq-noted cryptocurrency mining business, Marathon Patent Group, revealed a brand-new arrangement contract with the ASIC mining maker Bitmain. According to the general public business, Marathon has actually consented to buy 10,500 next-generation Antminer S-19 Pro designs for $23 million.

Marathon Patent Group wishes to be the biggest bitcoin mine in the United States and its current acquisition of countless next-generation mining rigs might assist strengthen that objective. On Friday, Marathon revealed a long term contract with Bitmain Technologies as it has actually consented to buy 10,500 brand-new S-19 Antminers from the business.

The newest S-19 Pro series declares to supply 110 terahash per 2nd (TH/s) per system and is the most lucrative bitcoin miner on the marketplace today. Merrick Okamoto, Marathon’s Chief Executive Officer informed the general public the purchase was a turning point for the firm.

“The execution of this agreement with Bitmain represents a turning point occasion for our business,” Okamoto stated. “This financial investment is anticipated to lead to Marathon being among, if not the biggest, bitcoin miner in North America.”

The newest order will increase the business’s net equipment to approximately 13,520 bitcoin mining rigs. Marathon bought 500 S-19 Pro miners in mid-June and at the end of July, Marathon purchased 700 M31S+ Whatsminers from Microbt, and another 660 rigs from Bitmain.

Okamoto continued, “Today’s news begins the heels of current incremental company development through the purchase of what now is anticipated to overall 13,520 next-generation miners producing 1.55 exahash (EH/s) upon complete setup.”

Mining business stocks have actually been on a tear recently in addition to public companies like Marathon, Riot Blockchain, and Hut8 have actually seen shares increase in worth considerably. There is method more direct exposure to the bitcoin mining stocks nowadays than years prior. There’s Canaan, Ebang, Hut8, Marathon, Riot, Hive, OTC, MGT, DPW, Argo, DMG, and more. There are now 14 openly traded mining companies and all of which have shares that can be bought openly.

Despite the hold-ups in mining deliveries, Marathon stated “1,360 miners were provided” to the firm’s hosting center. “We are happy to have actually offered Marathon with Bitmain’s newest generation of Antminer S19 Pro mining hardware,” Irene Gao an executive at Bitmain stated on Friday.

“[Antminers are] geared up with the most innovative chipset presently readily available, the high-performance and low power intake of the miners will considerably enhance operations of Marathon’s mining company. This partnership continues to enhance our cooperation and will encompass future collaborate as Marathon broadens its existence in the mining market,” Gao concluded.

What do you think of Marathon Patent Group acquiring 10,500 S-19 Pro miners? Let us understand in the comments area below.

Source link

Leave a Comment

I accept the Terms and Conditions and the Privacy Policy * for Click to select the duration you give consent until.

How To Actually Earn Free Bitcoins Easily

Enter details below to learn the tips and tricks of bitcoin mining

Get a FREE ebook on Bitcoin Mining Tips