Marathon Patent Agrees to Buy 70K ASIC Miners From Bitmain for $170M

in #btc4 months ago

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Nasdaq-listed Marathon Patent Group (MARA), one of the largest enterprise bitcoin mining companies in North America, announced its pre-order purchase of 70,000 Antminer S-19 ASIC miners from Bitmain for $170 million, more than tripling the size of Marathon’s fleet.

  • “This purchase is the largest order in dollar terms as well as the single largest order for S-19 ASIC miners that Bitmain has ever received,” said Marathon Chairman and CEO Merrick Okamoto.

  • Marathon said it sees receiving an initial batch of 7,000 S-19 miners in July 2021 and the final shipment in December 2021.

  • Marathon said its mining fleet will include more than 103,000 machines after this latest order has been received and deployed with a total mining capacity of 10.36 exahashes per second (EH/s).

  • Shares of Marathon opened Monday trading nearly 30% higher than their Friday close, trading hands just below $14. But some gains were given back as the share price dipped roughly 5% around 15:30 UTC.

  • The monster order comes after a holiday weekend in which the price of bitcoin hit a succession of new all-time highs.

Update (Dec. 27,142.166usd): Updated with Marathon stock prices.