MARA Holdings, Inc. - MARA STOCK NEWS

Marathon Patent Group (MARA) has contracted with Bitmain to purchase 10,000 Antminer S-19j Pro ASIC miners, enhancing its Bitcoin mining capabilities. The initial delivery of 6,000 miners is expected in August 2021, with the remaining 4,000 in September 2021. Upon full deployment, Marathon will operate 33,560 ASIC miners, achieving a total hashrate of 3.56 EH/s and consuming approximately 100 MW of power. Additionally, the company is developing a renewable energy-powered data center in the northeastern U.S., which could provide up to 250 MW of power.

Marathon Patent Group (NASDAQ: MARA) will participate in Bitmain's Mining and Investment Summit 2020 on November 24. CEO Merrick Okamoto will be part of the "Operations and Investment into Mining" panel at 11:40 a.m. Eastern Time. The summit will gather leading cryptocurrency mining companies and digital asset financial service providers. Additionally, Marathon released a new investor presentation on November 18, showcasing updated financial data as of November 5. Interested attendees can register for the event through the provided link.

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.