Marathon Buys Additional 10,000 Antminers to Become Largest US Bitcoin Miner

Marathon Buys Additional 10,000 Antminers to Become Largest US Bitcoin Miner

Nasdaq-listed Marathon Patent Group is buying 10,000 of the more efficient Antminer S19 Pro bitcoin miners from Bitmain in a deal worth millions of dollars.

▪ Marathon said the deal would boost the company’s operations to 23,560 next-generation miners, “making it the largest self-miner in North America”.

▪ When fully installed, the new machines will bring the firm’s total hashrate to 2.56 exahash per second (EH/s) – one of the world’s top 15 bitcoin miners.

▪ In August, Marathon bought another 10,500 miners of the same make for $23 million. Bitmain will deliver all the miners in batches starting in January through June.

▪ Marathon CEO Merrick Okamoto said the company’s mining operations had continued to grow “against the backdrop of recently increasing bitcoin prices.”

▪ The latest purchase comes just two weeks after Marathon, an $81.6 million-valued company, announced a joint venture agreement that reduces its electricity costs for extracting bitcoin by 38%.

▪ Shares of Marathon rose nearly 11% to $2.82 in pre-trading on Tuesday. Over the past 52 weeks, the stock touched a high of $5.25 and a low of $0.35.

What do you think about Marathon’s ambitions? Let us know in the comments section below. Bitcoin Mining Rigs Struggle for Profits, Despite BTC"s Hashrate Reaching an All-Time High MINING | Oct 15, 2020 Bitcoin Miner Marathon Agrees to Deal That Cuts Electricity Costs by 38% With US Power Company MINING | Oct 14, 2020 Tags in this story Antminer S19 Pro, Bitcoin mining, Bitmain Inc, Marathon Patent Group, Nasdaq Stock Exchange

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