Marathon Announces Facility in Quebec Has Commenced Bitcoin Mining Operations
LOS ANGELES, March 12, 2018 (GLOBE NEWSWIRE) -- Marathon Patent Group, Inc. (Nasdaq:MARA) (“Marathon” or the “Company”), today announced that it has commenced bitcoin mining at its new facility in Quebec.
On February 8, 2018, the Company announced it had purchased 1,400 Bitmain Antminer S9 miners (“Antminer S9s”) and on February 15, 2018 the company announced it had leased 26,700 square feet of data center space in Quebec, Canada. The Company is pleased to announce the completion of its installation and the commencement of operations which are expected to utilize approximately 2.0 MW and deliver approximately 19 Ph/s of ASIC mining capacity. The Antminer S9s are presently mining Bitcoin, but are able to mine other digital assets/cryptocurrency using the SHA256 algorithm.
Marathon is seeking to add up to an additional 3.9 MW of power. If successfully completed, this is expected to provide capacity for up to 2,800 additional Antminer S-9s that if acquired, could be located at this facility.
Merrick Okamoto, Marathon’s Interim Chief Executive Officer and Chairman of the Board of Directors, stated, “Today’s announcement represents a milestone for the Company. I’d like to thank everyone that worked so hard to make this day a reality for our shareholders.”
Pictures of the Company’s mining operations may be found at the following link: https://www.marathonpg.com/granby
About Marathon Patent Group, Inc.
Marathon is formerly an IP licensing company. Following the acquisition of GBV, the combined company will focus on the development of GBV’s new business involving the blockchain ecosystem and generation of digital assets. GBV is focused on mining digital assets and intends to add specialized computer equipment and plans to expand its activities to mine new digital assets. To learn more about Marathon Patent Group Inc., visit www.marathonpg.com. To learn more about Global Bit Ventures Inc., visit www.globalbitventures.com.
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, 2016 filed with the Securities and Exchange Commission (the “SEC”) on April 5, 2017 and the Risk Factor section of Amendment No.1 to Form S-4 filed on January 24, 2018 which contains a discussion of possible risks related to the Company’s planned merger with Global Bit Ventures, Inc. 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.
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.
Name: Jason Assad
Released March 12, 2018