MARA Holdings, Inc. - MARA STOCK NEWS

Marathon Patent Group (NASDAQ: MARA) released a new investor presentation with updated financials as of November 5, 2020. Highlights include a strong balance sheet with $24.6 million in cash and no debt. The presentation outlines partnerships with Beowulf and Bitmain, vital for low energy costs and access to leading miners. Once fully operational in Q2 2021, Marathon aims to produce 15-20 Bitcoins daily, potentially generating $8.8 million in monthly revenue with a gross profit of $6.7 million. This reflects the Company's robust growth strategy in the Bitcoin mining sector.

Marathon Patent Group (NASDAQ:MARA) reported impressive financial results for the three and nine months ended September 30, 2020, showcasing a 160% increase in quarterly revenues to $835,184 and an 89% rise in nine-month revenues to $1.7 million, compared to the same periods last year. Despite an operating loss of $2.0 million for Q3 2020, the company significantly strengthened its balance sheet, now holding $27.1 million in cash. Notably, Marathon completed a $6.9 million public offering and secured long-term agreements for purchasing 10,500 ASIC miners, setting the stage for future growth.

Marathon Patent Group (NASDAQ:MARA) announced a contract to purchase an additional 10,000 S-19 Pro ASIC miners from Bitmain, enhancing its mining capacity. This addition will bring the total number of miners to 23,560 and increase the hashrate to 2.56 EH/s, solidifying its position as North America’s largest self-miner. Shipments will start in January 2021 and are expected to boost Bitcoin mining revenue sooner than anticipated.

Marathon Patent Group announced the appointment of Simeon Salzman as the new Chief Financial Officer, succeeding David Lieberman, who will stay on the Board of Directors. Salzman brings over 18 years of financial experience, having previously served as CFO at the Las Vegas Monorail Company and other firms. He aims to support Marathon as it expands its operations in the rapidly growing Bitcoin mining sector. CEO Merrick Okamoto expressed gratitude towards Lieberman for his contributions.

Marathon Patent Group (MARA) announced a joint venture with Beowulf Energy to establish a Bitcoin Mining Data Center in Hardin, Montana. This facility will generate 1.265 EH/s, with potential expansion to 3.320 EH/s. The center will utilize low-cost energy at $0.028/kWh, reducing Marathon's mining costs to $0.034/kWh—38% lower than current levels. Consequently, breakeven costs for Bitcoin production are expected to drop from $7,500 to $4,600. Marathon retains 100% of Bitcoin output, enhancing profitability.

Marathon Patent Group (NASDAQ: MARA) has appointed Gateway Investor Relations to enhance its investor relations and consulting services. This strategic move aims to promote Marathon's story among U.S. investors, especially as it positions itself as a key player in cryptocurrency mining. CEO Merrick Okamoto highlighted the recent transformation of the company, including a significant agreement to purchase 10,500 S-19 Pro Miners from Bitmain, which is expected to strengthen its mining capabilities and increase its share of the global hashrate to approximately 1.2%.

On September 17, 2020, Marathon Patent Group (NASDAQ:MARA) announced its decision to withdraw the offer to acquire Fastblock Mining due to a short-term power agreement. The firm could not extend the agreement with Fastblock, which would not meet their long-term needs for economic feasibility. Instead, Marathon has signed a term sheet with a different power provider for a longer duration and favorable rates, pending due diligence.

Marathon Patent Group (NASDAQ:MARA) announced a Letter of Intent to acquire Fastblock Mining for 8,658,009 shares. This acquisition is set to decrease Bitcoin mining costs from $7,400 to $3,600 per Bitcoin, enhancing profitability. Marathon will gain additional ASIC miners, increasing hashing capacity from 186/Ph to 394/Ph, potentially generating $4 million monthly revenue. The transaction is expected to close by end of September 2020.

Marathon Patent Group (MARA) announced the deployment of 1,360 new miners, raising its Hashrate production to 186/Ph. This includes 700 WhatsMiner M31S+ Miners from MicroBT and 600 S19 Pro Antminers from Bitmain. Additional purchases of 1,000 S19 Pro Antminers are set, with 500 arriving in September and December, aiming for a total production of 296/Ph. A Long-Term Purchase Agreement for 10,500 S19 Pro Antminers will further increase Hashrate by 1,155/Ph, projecting nearly 1.5 Exahash. The company is now debt-free and anticipates cash flow positivity.