Marathon Patent Group Announces Additional Purchase of 660 Next Generation S19 Pro ASIC Miners

Rhea-AI Summary

Marathon Patent Group (NASDAQ: MARA) has purchased 660 Bitmain S19 Pro miners, expected to generate 73 PH/s, which will enhance the company's total hash rate to 129 PH/s, an increase of 280%. The purchase totaled $1,729,200, funded by cash on hand, with delivery anticipated by the end of July. This strategic move follows an earlier purchase of 700 M30S+ miners. The new miners demonstrate improved energy efficiency, producing 110 TH/s and operating at 29.5 Joules per terahash. This expansion supports Marathon's goal of boosting its bitcoin mining operations.

Positive

• Purchase of 660 Bitmain S19 Pro miners to increase hashing power.
• Expected total hash rate to rise to 129 PH/s, a 280% increase.
• Improved energy efficiency with latest generation miners.

Negative

• Investing involves risks and uncertainties, including undetermined future financial performance.

660 Miners Expected to Generate 73 PH/s (petahash) of Hashing Power, Company Estimates 280% Increase in Operating Hashrate to 129 PH/s when miners are received and deployed in July

LAS VEGAS, May 12, 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 an additional 660 latest generation Bitmain S19 Pro Miners.

The 660 miners produce 110 TH/s and will generate 73 PH/s (petahash) of hashing power, bringing the company’s total Hashrate to 129 PH/s compared to companies S-9 production of 46 PH/s. The company paid $1,729,200 and the purchase was funded with cash on hand. The company expects to take delivery at our Hosting Facility by the end of July and will be deployed by our hosting partner Compute North upon their arrival.

On May 11, 2020, Marathon announced its purchase of 700 M30S+ (80 TH) miners. The combined purchase is another step supporting the Company's recent strategic initiatives focused on expanding its bitcoin mining operations.  Marathon anticipates that the 700 M30S+ miners will be deployed by June 1, 2020 and the S19 Pro’s in late July. When all 1,360 miners are fully deployed, Marathon estimates its aggregate operating hash rate will increase over 280% to approximately 129 petahash per second ("PH/s")

The latest generation of bitcoin ("BTC") Application-Specific Integrated Circuit ("ASIC") miners from Bitmain are markedly more energy efficient than prior Bitmain models and other ASIC miners currently available. The May 11th purchase of 660 Bitmain S19 Pro Antminers boast a hash rate of 110 TH/s and an energy efficiency of 29.5±% 5 joules per terahash (J/TH).

Investor Notice

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, 2018. 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.

Forward-Looking Statements

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.

CONTACT INFORMATION

Name: Jason Assad
Phone: 678-570-6791
Email: Jason@marathonpg.com 

FAQ

What is Marathon Patent Group's latest miner purchase?

Marathon has purchased 660 Bitmain S19 Pro miners expected to generate 73 PH/s.

What will Marathon's total hash rate be after the new miners are deployed?

The total hash rate will increase to approximately 129 PH/s.

How much did Marathon pay for the new miners?

The purchase cost $1,729,200, funded with cash on hand.

When will Marathon deploy the new miners?

The miners are expected to be deployed by the end of July.

What is the energy efficiency of the new Bitmain miners?

The new miners operate at an efficiency of 29.5 Joules per terahash.