Marathon Patent Group Announces Purchase of 700 M31S+ ASIC Miners and Shipment of 660 S-19 Pro Bitmain Miners
Company Anticipates 2,060 Miners to be Operational in August, Producing 184 PH/s and Generating Positive Cash Flow Based on Current Bitcoin Prices
LAS VEGAS, July 29, 2020 (GLOBE NEWSWIRE) -- Marathon Patent Group, Inc. (NASDAQ:MARA) ("Marathon" or "Company"), one of the few Nasdaq listed cryptocurrency mining companies in the United States, today announced the purchase of 700 next generation M31S+ ASIC Miners from MicroBT. The miners are expected to arrive mid-August.
Additionally, Bitmain has notified the Company that 660 of the 1,660 Bitmain S-19 Pro Miners previously purchased will be delivered in mid-August.
Marathon’s Chief Executive Officer, Merrick Okamoto, stated, “In the past few months, we have heavily invested in our business through the purchase of now 3,020 next generation miners. We currently have 700 M31S+ miners operational producing 56 PH/s.”
Okamoto continued, “Upon delivery and installation of the 1,360 miners due to arrive in August, the company will have 2,060 Miners operational, producing 184 PH/s. As a result, the Company's aggregate hashing power capacity would increase by 320% from the current level of 56 PH/s. Based on current Bitcoin prices, the company would expect to become cash flow positive.
The 1,000 remaining S-19 Pro Miners due to arrive in the 4th quarter will produce an additional 110 PH/s, which when installed will give the Company an aggregate Hashpower of 294 PH/s.
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Name: Jason Assad
Source: Marathon Patent Group, Inc.
Released July 29, 2020