Nasdaq-listed Marathon Patent Group to buy Bitmain miners for $23 million

The Nasdaq-listed mining company Marathon Patent Group has signed a long-term contract with Bitmain to purchase 10,500 Antminer S19 Pro units.

@BITMAINtech Bitmain Continues Rapid Growth in North America: Signs $23 million #Antminer S19 Pro Contract with @MarathonPatent https://t.co/7Ij8cG6SsD pic.twitter.com/oGHFFmD2uz

— Antminer_main (@Antminer_main) September 4, 2020

The Las Vegas-based company spent $23 million to purchase the flagship Antminer S19 Pro, according to Bitmain’s press release. Irene Gao, Antminer sales director for the NCSA region, noted that Bitmain’s new-generation chip device will significantly increase Marathon’s mining capacity.

The American company aims to raise its total hash rate to 1.55 EH/s.

“The S19 Pro ASIC miner from Bitmain outperforms all other devices we are using,” said Marathon Patent Group CEO Merrick Okamoto.

Earlier, the head of the company noted that after the contract terms are fulfilled Marathon would become one of the largest mining companies in North America. With all deliveries, the firm would deploy 13,520 units of the latest generation.

Last month, Riot Blockchain bought 8,000 Antminer S19 Pro units from Bitmain for $17.7 million. The agreement provides for delivery of Bitcoin miners in batches of 2,000 units per month, starting in January 2021.

Later, the parties reached an additional 5,100 units for $11.2 million with delivery planned for February 2021.

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