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

One of the earliest Nasdaq-listed cryptocurrency mining firms, 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 most important bitcoin mine within the United States and its latest acquisition of 1000’s of next-generation mining rigs could assist fortify that objective. On Friday, Marathon announced 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 offer 110 terahash per second (TH/s) per unit and is probably the most worthwhile bitcoin miner available on the market at the moment. Merrick Okamoto, Marathon’s Chief Executive Officer instructed the general public the acquisition was a milestone for the agency.

“The execution of this contract with Bitmain represents a milestone event for our company,” Okamoto stated. “This investment is expected to result in Marathon being one of, if not the largest, bitcoin miner in North America.”

The newest order will improve 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 news comes on the heels of recent incremental business growth through the purchase of what now is expected to total 13,520 next-generation miners generating 1.55 exahash (EH/s) upon full installation.”

Mining firm shares have been on a tear these days in addition to public companies like Marathon, Riot Blockchain, and Hut8 have seen shares improve in worth considerably. There is far more publicity to the bitcoin mining shares today 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.

Despite the delays in mining shipments, Marathon stated “1,360 miners were delivered” to the agency’s internet hosting facility. “We are pleased to have provided Marathon with Bitmain’s latest generation of Antminer S19 Pro mining hardware,” Irene Gao an govt at Bitmain stated on Friday.

“[Antminers are] equipped with the most advanced chipset currently available, the high-performance and low power consumption of the miners will significantly improve operations of Marathon’s mining business. This collaboration continues to strengthen our cooperation and will extend to future work together as Marathon expands its presence in the mining industry,” Gao concluded.

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