Seeking Alpha
2020-07-29 13:49:30

Marathon Patent buys 700 more bitcoin miners

Marathon Patent Group (MARA) jumps 11% after the company announced the purchase of 700 next-generation M31S+ ASIC Miners from MicroBT.Meanwhile, Bitmain tells MARA that 660 of the 1,660 Bitmain S-19 Pro Minder it previously purchased will be delivered in mid-August.The MicroBT miners are also expected to arrive in mid-August.The company currently has 700 M31S+ miners operational producing 56 PH/s."Upon delivery and installation of the 1,360 miners due to arrive in August, the company will have 2,060 Miners operational, producing 184 PH/s," said CEO Merrick Okamoto.Based on current bitcoin prices, MARA expects to become cash flow positive with once the miners delivered in mid-August become operational.The 1,000 remaining S-19 Pro Miners, due to arrive in Q4, will produce an additional 110 PH/s, which will give the company total hashpower of 294 PH/s.Previously: Marathon Patent purchases 500 next generation S19 pro ASIC miners; shares down 17% (June 11)

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