LAS VEGAS, Feb. 01, 2021 (GLOBE NEWSWIRE) — Marathon Patent Group, Inc. (NASDAQ:MARA) (“Marathon” or “Firm”), one of many largest enterprise Bitcoin self-mining firms in North America, right now introduced that 4,000 Antminer S-19 Professional ASIC miners have been shipped from Bitmain to Marathon’s mining facility in Hardin, MT as scheduled.
Marathon’s present mining fleet consists of two,560 miners, producing 248 PH/s (petahash per second). Every S-19 Professional miner produces 110 TH/s (terahash per second) and provides 0.11 PH/s to the Firm’s current operations. As soon as the extra 4,000 miners are put in, the Firm’s mining fleet will include 6,560 miners producing roughly 688 PH/s. This represents a 256% improve of our present Hashrate manufacturing. So far, the Firm has bought 103,060 miners, which, as soon as delivered and totally deployed, will produce roughly 10.36 EH/s (exahash per second).
“This cargo of 4,000 S-19 Professional miners is the primary of many we will probably be receiving from Bitmain in 2021 as we construct in direction of turning into one the most important and most effective miners in North America,” stated Merrick Okamoto, Marathon’s chairman and CEO. “We’re very inspired to see that this order has been processed on time and as anticipated. We count on all 4,000 of those miners to be put in by the tip of February, and primarily based on present schedules, we anticipate receiving and putting in a further 6,300 miners in March and one other 4,800 in April.
“I’d wish to thank our companions at Bitmain for his or her efforts to ship the file variety of miners we’ve bought from them as scheduled. The distinctive relationship we’ve developed with Bitmain allowed us to safe these miners at charges that had been as favorable as attainable for our enterprise. Due to the substantial improve in Bitcoin’s worth and subsequent improve in demand for mining rigs, these identical miners at the moment are being offered in secondary markets at multiples of our unique buy worth.
“In line with publicly out there Bitcoin revenue calculators, if all of the miners we’ve bought had been deployed right now, and Bitcoin’s worth had been $30,000/BTC, we might produce roughly 55-60 bitcoins per day at a mean price of $4,541/BTC. We might generate roughly $51.5 million in income per thirty days and $43.6 million in gross revenue per thirty days. As evidenced by this order, and the numerous to observe, Marathon stays on observe to effectively turn into one of many largest miners in North America.”
Investing in our securities includes a excessive diploma of danger. Earlier than investing choice, you need to rigorously think about the dangers, uncertainties and forward-looking statements described below “Threat Elements” in Merchandise 1A of our most up-to-date Annual Report on Kind 10-Ok for the fiscal 12 months ended December 31, 2019. If any of those dangers had been to happen, our enterprise, monetary situation or outcomes of operations would doubtless undergo. In that occasion, the worth of our securities may decline, and you could possibly lose half or all your funding. The dangers and uncertainties we describe usually are not the one ones dealing with us. Extra dangers not presently recognized to us or that we at present deem immaterial may additionally impair our enterprise operations. As well as, our previous monetary efficiency is probably not a dependable indicator of future efficiency, and historic developments shouldn’t be used to anticipate outcomes sooner or later. Future modifications within the network-wide mining problem charge or Bitcoin hashrate may additionally materially have an effect on the longer term efficiency of Marathon’s manufacturing of Bitcoin. Moreover, all discussions of monetary metrics assume mining problem charges as of January 2021. See “Secure Harbor” beneath.
Statements made on this press launch embody forward-looking statements inside the that means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Trade Act of 1934. Ahead-looking statements may be recognized by way of phrases corresponding to “might,” “will,” “plan,” “ought to,” “count on,” “anticipate,” “estimate,” “proceed,” or comparable terminology. Such forward-looking statements are inherently topic to sure dangers, developments and uncertainties, a lot of which the Firm can’t predict with accuracy and a few of which the Firm won’t even anticipate and contain elements which will trigger precise outcomes to vary materially from these projected or urged. Readers are cautioned to not place undue reliance on these forward-looking statements and are suggested to contemplate the elements listed above along with the extra elements below the heading “Threat Elements” within the Firm’s Annual Experiences on Kind 10-Ok, as could also be supplemented or amended by the Firm’s Quarterly Experiences on Kind 10-Q. The Firm assumes no obligation to replace or complement forward-looking statements that turn into unfaithful due to subsequent occasions, new data or in any other case.
About Marathon Patent Group
Marathon is a digital asset know-how firm that mines cryptocurrencies, with a give attention to the blockchain ecosystem and the technology of digital property.
Marathon Patent Group Firm Contact:
E mail: Jason@marathonpg.com
Marathon Patent Group Investor Contact:
Gateway Investor Relations
Matt Glover and Charlie Schumacher
E mail: MARA@gatewayir.com