Seeking Alpha
2020-10-26 12:33:09

Marathon Patent +6.9% after contract to buy 10,000 more miners

Marathon Patent Group (MARA) jumps 6.9% in premarket trading after agreeing to buy an additional 10,000 next-generation Antminer S-19 ASIC Miners from Bitmain.Delivery of the new miners is scheduled to start in January 2021 and will be completed by March 2021. They're all expected to be deployed in Q1 — three months earlier than its last purchase, which is scheduled to be delivered between January and June of next year."As a result, there will be a substantial increase in our Bitcoin Mining revenue sooner than we had anticipated," the company said in its statement.Each miner produces 110 Terehash/second, adding 1.10 Exahash to the company's existing 2,560 miners.The schedule of S-19 Pro Miner deliveries: 500 in November 2020; 4,000 in January; 6,300 in February; 4,800 in March; and 1,800 each in months of April, May, and June.Bitcoin is up 0.3% to $13,116.28. See Bitcoin performance over the past six months:Previously: Marathon Patent high on increasing hashrate;

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