New contract of $23M is signed between Marathon and Bitmain

Marathon Patent Group signed $23M contract with Chinese mining manufacturer Bitmain for 10,500 Bitcoin mining Antminer S-19 rigs. This new order will increase the mining capacity and quadruple from 3020 to over 13520 rigs. Previously purchased 1000 rigs will be shipped in October and November 2020.

Last month Marathon announced the agreement to purchase 660 S-19 and 700 rigs from MicroBit, which will be installed at the Quebec based facility of the company.

After the expansion in Q4, 2019 company expects to have an additional hasrate and turn its mining facility into revenue earning venture.

The overall meaning of the deal is to turn Las Vegas based Marathon into the largest operators of North America and will make up 1,2% of total hashrate. Marathon’s stock price was up over 12% to just under $4 at press time.

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