Marathon Signs New $23M Contract With Bitmain for 10,500 Bitcoin Mining Rigs
The $23 million purchase will see Marathon's bitcoin mining capacity increase drastically, turning it into one of the largest miners in North America.
Aug 14, 2020 at 10:57 a.m. UTCUpdated Aug 19, 2021 at 3:43 a.m. UTC
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Marathon Patent Group has signed a purchase agreement with Chinese mining manufacturer Bitmain to drastically increase output with 10,500 new Antminer S-19 rigs at a total cost of $23 million.
- The Nasdaq-listed mining company announced Friday the new order will see its bitcoin mining capacity quadruple from 3,020 units to over 13,520 rigs.
- Only last month, Marathon agreed to purchase a total of 1,360 rigs – 660 S-19s as well as 700 rigs from rival manufacturer MicroBT.
- The new rigs will be installed this weekend at the company's facility in Quebec.
- Having started expanding capacity in Q4 2019, the company says it expects the additional hashrate will make its mining facility a revenue-earning venture.
- Bitmain plans to ship 1,000 previously purchased rigs to Marathon in October and November.
- The deal means the Las Vegas-based Marathon will soon become one of the largest operators in the whole of North America, making up 1.2% of total hashrate on the Bitcoin network.
- Marathon's stock price was up over 12% to just under $4 at press time.
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