Marathon Patent Group Announces Additional Purchase of 500 Next Generation S19 Pro ASIC Miners
500 Miners Expected to Generate 56 PH/s (petahash) of Hashing Power
Company Estimates Increase in Operating Hashrate to Approximately 185 PH/s when all miners purchased this week are received and deployed
LAS VEGAS, May 19, 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 500 of the latest generation Bitmain S19 Pro Miners.
These 500 miners will produce 110 TH/s and generate 56 PH/s (petahash) of hashing power, bringing the company’s total Hashrate to approximately 185 PH/s when fully deployed. This compares to the companies previous S-9 production of 46 PH/s. The company paid $1,258,500.00 and was funded with cash on hand. The company expects to take delivery of these units by the end of August.
On May 11, 2020, Marathon announced the purchase of 700 M30S+ (80 TH) miners. On May 12, 2020, the Company announced the purchase 660 Bitmain S19 Pro Miners. Today’s announcement of the purchase of an additional 500 S19 Pro Miners brings the total state of the art, next generation miners purchased in the past 8 days to 1,860 units.
With the recent price increase of Bitcoin, the forward months of each batch of production capacity of Bitcoin miners has been selling out. The company has worked very aggressively to acquire miners with the nearest delivery dates so the miners may be put into production as soon as possible. The company now has miners scheduled to arrive in May, July, and August of this year. Only one NASDAQ listed company has announced more hashing power coming online this summer than Marathon.
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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
Released May 19, 2020