Marathon Patent Group, a NASDAQ-listed Bitcoin mining firm, has signed a long term purchase contract with Bitmain to procure 10,500 Antminer S-19 Pro, costing the company $23 million.
Announced today, the bulk deal will make the North American company one of the largest Bitcoin miners in the region, and will contribute around 1.2 percent of the total hash rate to the Bitcoin network.
“Today’s news comes on the heels of recent incremental business growth through the purchase of what now is expected to total 13,520 next-generation miners generating 1.55 Exahash upon full installation,” Merrick Okamoto, Marathon’s chief executive officer, said.
Additionally, he added that the US-based company has received a significant discount on the retail price of the flagship ASIC miners. Furthermore, he reduced the risk of a price increase of the mining hardware, and it is protected against any shortage in the miner’s supply in the future.
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Making of a Mining North American Giant
This bulk deal for Antminer procurement came a month after the company agreed to purchase another 660 S-19 Pro miners from Bitmain and 700 ASIC miners from MicroBT, a rival of Bitmain.
The company detailed that it has already received the new 1,360 mining rigs, and those will be deployed by this weekend, adding to its existing operational 700 miners.
Moreover, the company is awaiting another shipment of 500 S-19 Pro Miners in September and 500 more in November, which were ordered previously.
“We are pleased to have provided Marathon with Bitmain’s latest generation of Antminer S19 Pro mining hardware,” Irene Gao, Antminer sales director of NCSA region at Bitmain, said. “This collaboration continues to strengthen our cooperation and will extend to future work together as Marathon expands its presence in the mining industry.”
Meanwhile, Bitmain recently delayed the shipment of its Antminers till September and October, citing the ongoing chaos in its management.