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

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

One of the earliest Nasdaq-listed cryptocurrency mining corporations, Marathon Patent Group, introduced a brand new settlement contract with the ASIC mining producer Bitmain. According to the general public firm, Marathon has agreed to buy 10,500 next-generation Antminer S-19 Pro fashions for $23 million.

Marathon Patent Group desires to be the biggest bitcoin mine within the United States and its current acquisition of 1000’s of next-generation mining rigs could assist fortify that aim. On Friday, Marathon introduced a long run settlement with Bitmain Technologies because it has agreed to buy 10,500 new S-19 Antminers from the corporate.

The newest S-19 Pro sequence claims to supply 110 terahash per second (TH/s) per unit and is essentially the most worthwhile bitcoin miner in the marketplace right now. Merrick Okamoto, Marathon’s Chief Executive Officer advised the general public the acquisition was a milestone for the agency.

“The execution of this contract with Bitmain represents a milestone occasion for our firm,” Okamoto mentioned. “This funding is anticipated to lead to Marathon being certainly one of, if not the biggest, bitcoin miner in North America.”

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The newest order will enhance the corporate’s web equipment to roughly 13,520 bitcoin mining rigs. Marathon bought 500 S-19 Pro miners in mid-June and on the finish of July, Marathon purchased 700 M31S+ Whatsminers from Microbt, and one other 660 rigs from Bitmain.

Okamoto continued, “Today’s information comes on the heels of current incremental enterprise development by the acquisition of what now’s anticipated to whole 13,520 next-generation miners producing 1.55 exahash (EH/s) upon full set up.”

Mining firm shares have been on a tear these days in addition to public companies like Marathon, Riot Blockchain, and Hut8 have seen shares enhance in worth considerably. There is far more publicity to the bitcoin mining shares nowadays than years prior. There’s Canaan, Ebang, Hut8, Marathon, Riot, Hive, OTC, MGT, DPW, Argo, DMG, and extra. There are actually 14 publicly traded mining companies and all of which have shares that may be bought publicly.

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Despite the delays in mining shipments, Marathon mentioned “1,360 miners have been delivered” to the agency’s internet hosting facility. “We are happy to have offered Marathon with Bitmain’s newest technology of Antminer S19 Pro mining {hardware},” Irene Gao an government at Bitmain mentioned on Friday.

“[Antminers are] outfitted with essentially the most superior chipset at present obtainable, the high-performance and low energy consumption of the miners will considerably enhance operations of Marathon’s mining enterprise. This collaboration continues to strengthen our cooperation and can prolong to future work collectively as Marathon expands its presence within the mining trade,” Gao concluded.

What do you consider Marathon Patent Group buying 10,500 S-19 Pro miners? Let us know within the feedback part under.

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