Marathon Patent Group Begins Deployment of 6,000 S-9 Bitmain Antminers and Relocates Miners from the Company's Granby Location
Company Expects Full Deployment by December 15, 2019 to Yield Seven-Fold Increase in HashRate Production Level to Approximately 100 PH/s
LAS VEGAS, Oct. 25, 2019 (GLOBE NEWSWIRE) -- Marathon Patent Group, Inc. (NASDAQ:MARA) ("Marathon" or "Company"), announced today the company has begun to deploy its recently acquired 6,000 S-9 Bitmain Antminers.
The first Miners are being installed under a hosting agreement with Compute North at its new 100MW site in Nebraska. The Company selected Compute North because of its strategically located facilities which provide lower cost renewable energy with a high level of reliability and security.
Marathon made the decision to relocate the Miners from the company’s facility in Granby, Quebec in order to reduce the operating costs by approximately $60,000 per month for the 1,200 miners that were operating. The company expects to have 3,500 Miners installed over the next two weeks and the remaining 3,700 Miners installed by December 15, 2019. Once the full deployment is completed, Marathon will have 7,200 miners in production and will increase the current HashRate production level from 14 PH/s to approximately 100 PH/s, making Marathon one of the largest publicly traded Bitcoin Mining companies in North America.
Marathon Chairman and CEO, Merrick Okamoto stated, “This deployment of our recently acquired Miners and redeployment of our existing Miners will establish a very low-cost operation while substantially increasing the company’s cash flow.”
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
Source: Marathon Patent Group, Inc.
Released October 25, 2019