Marathon Patent Group Announces Purchase of Additional 10,000 S-19 Pro Miners from Bitmain

Upon Delivery and Full Installation, the Company’s Mining Operations Will Include 23,560 Next Generation Miners, Making it the Largest Self-Miner in North America with a Total Hashrate of 2.56 EH/s

LAS VEGAS, Oct. 26, 2020 (GLOBE NEWSWIRE) -- Marathon Patent Group, Inc. (NASDAQ:MARA) ("Marathon" or "Company"), the largest publicly traded Bitcoin self-mining companies in North America, today announced that it has entered into a contract with Bitmain to purchase an additional 10,000 next generation Antminer S-19 Pro ASIC Miners.

Each miner produces 110 TH/s (Terahash) adding 1.10 EH/s (Exahash) to the Company’s existing operation of 2,560 miners. 500 additional S-19 Pro Miners will arrive at Marathon’s Hardin MT facility in November 2020. Beginning in 2021, the Company will receive the following shipments of S-19 Pro Miners: 4,000 in January, 6,300 in February, 4,800 in March, 1,800 in April, 1,800 in May and finally 1,800 in June.

Marathon’s chief executive officer, Merrick Okamoto, stated, “We are pleased to announce the continued growth of our mining operations against the backdrop of recently increasing Bitcoin prices. Upon delivery and full Installation of all purchased miners, the Company’s mining operations will include 23,560 next generation miners bringing our total hashrate to 2.56 Eh/s and making us the largest self-miner in North America.

“The delivery of these new 10,000 S-19 Pro miners is scheduled to begin in January 2021 and will be completed by March 2021. It is important to note that this delivery is quicker than our previous order for 10,500 miners, which will be delivered between January and June 2021. These new 10,000 miners are expected to all be deployed in Q1, three months earlier than our last purchase. As a result, there will be a substantial increase in our Bitcoin Mining revenue sooner than we had anticipated.”

Irene Gao, Antminer Sales Director of NCSA Region, Bitmain, commented, "We are pleased to have provided Marathon with another 10,000 of Bitmain’s latest generation of Antminer S-19 Pro mining hardware. Equipped with the most advanced chipset currently available, the high-performance and low power consumption of the miners will significantly improve operations of Marathon's mining business. This collaboration continues to strengthen our cooperation and will extend to future work together as Marathon expands its presence in the mining industry.”