Marathon Orders $23 Million Worth New Bitmain Antminers

Friday, 14/08/2020 | 12:20 GMT by Arnab Shome
  • The company will become one of the largest Bitcoin mining farms in North America.
Marathon Orders $23 Million Worth New Bitmain Antminers
Bitmain bitcoin mining farm (Reuters)

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.

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.

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.

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.

About the Author: Arnab Shome
Arnab Shome
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About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6368 Articles
  • 80 Followers

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