Marathon Launches Large-Scale Bitcoin Mining Operation
- The blockchain craze has resulted in a 58% rise in the stock price of the firm.

California-based Marathon Patent Group Inc has announced its expansion towards the lucrative Bitcoin mining business. The company has opened operational facilities in the mining-friendly region of Quebec.
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According to reports published by Nasdaq, the company purchased 1,400 Bitmain Antminer S9 miners on February 8th, and a week later announced the leasing of 26,700 square feet of data center space in Canada.
In yesterday’s announcement, Marathon revealed that it had successfully completed the installation and also started the mining process.
“Today’s announcement represents a milestone for the Company. I’d like to thank everyone that worked so hard to make this day a reality for our shareholders,” said Merrick Okamoto, Marathon’s interim CEO and chairman of the board of directors.
For now, the company is utilizing approximately 2 MW of power and delivers approximately 19 Ph/s of ASIC mining capacity. However, it is planning to expand its mining operation threefold by adding 2,800 more mining devices, for which it is seeking an additional 3.9 MW of power.
Shift in Business
Marathon previously licensed IPs, but after its acquisition of GBV it shifted its focus towards cryptocurrency-related businesses. GBV is currently only focused on mining digital assets, however the company has massive plans to expand its business by adding specialized computer equipment and jumping into the mining process for new digital coins.
Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term Effect on Stock Prices
The impact of the announcement is clearly visible on the stock prices of the NASDAQ-listed company. The gradually declining stocks of Marathon soared as the market opened today, and the firm added more than 58% to its value in a single day of trading.
California-based Marathon Patent Group Inc has announced its expansion towards the lucrative Bitcoin mining business. The company has opened operational facilities in the mining-friendly region of Quebec.
Discover credible partners and premium clients at China’s leading finance event!
According to reports published by Nasdaq, the company purchased 1,400 Bitmain Antminer S9 miners on February 8th, and a week later announced the leasing of 26,700 square feet of data center space in Canada.
In yesterday’s announcement, Marathon revealed that it had successfully completed the installation and also started the mining process.
“Today’s announcement represents a milestone for the Company. I’d like to thank everyone that worked so hard to make this day a reality for our shareholders,” said Merrick Okamoto, Marathon’s interim CEO and chairman of the board of directors.
For now, the company is utilizing approximately 2 MW of power and delivers approximately 19 Ph/s of ASIC mining capacity. However, it is planning to expand its mining operation threefold by adding 2,800 more mining devices, for which it is seeking an additional 3.9 MW of power.
Shift in Business
Marathon previously licensed IPs, but after its acquisition of GBV it shifted its focus towards cryptocurrency-related businesses. GBV is currently only focused on mining digital assets, however the company has massive plans to expand its business by adding specialized computer equipment and jumping into the mining process for new digital coins.
Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term Effect on Stock Prices
The impact of the announcement is clearly visible on the stock prices of the NASDAQ-listed company. The gradually declining stocks of Marathon soared as the market opened today, and the firm added more than 58% to its value in a single day of trading.