Marathon Patent Group Purchases an Additional 10,000 S-19j Pro ASIC Miners from Bitmain and Announces Plans to Open a Second ...
December 09 2020 - 7:38AM
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 10,000 Antminer S-19j Pro ASIC
Miners.
Under the terms of the agreement, Marathon will receive an
initial batch of 6,000 S-19j Pro Miners in August 2021. The
remaining 4,000 miners will be delivered in September 2021.
Once all of Marathon’s purchased miners are delivered and fully
deployed, the Company’s mining portfolio will consist of 33,560
state of the art ASIC miners, generating 3.56 EH/s. As a result,
the Company will be consuming approximately 100 MWs of power, the
maximum amount available at the Company’s data center in Hardin,
MT.
To continue expanding its operations, the Company is working
with its energy partner, Beowulf Energy, to open a renewable energy
powered data center in the northeastern United States. This
facility will initially provide Marathon with an additional 100 MWs
of power and has the potential to increase to 250 MWs of power.
Marathon’s chairman and chief executive officer, Merrick
Okamoto, stated, “We are pleased to have successfully completed the
purchase of all ASIC Miners required to fully utilize our 100 MW
data center in Hardin MT. We are now looking forward to our next
phase of growth as we build out our second data center. The new
facility will be powered primarily by clean, renewable power, which
is not only cost-effective, but will also allow us to lower our
carbon footprint. Currently, we believe the costs to operate our
second facility will be similar to the industry-leading rates we
have at our Hardin facility: $0.028 per kWh for power and $0.006
per kWh for hosting operations.”
Antminer Sales Director of North, Central, and South America
(NCSA) at Bitmain Irene Gao commented, "We are pleased to have
provided Marathon with another 10,000 of Bitmain’s latest
generation of Antminer S-19j Pro mining hardware. Equipped with the
most advanced chipset currently available, the high-performance and
low power consumption of the miners will significantly expand the
operations of Marathon's mining business. This alliance continues
to be mutually beneficial, and we look forward to further
collaborating with Marathon and helping them to maintain their
leadership position in the Bitcoin mining industry.”
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
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/6a185ac2-066a-42f7-ae34-631266cdcd97
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