Marathon Signs New $23M Contract With Bitmain for 10,500 Bitcoin Mining Rigs

Marathon Patent Group has signed a purchase agreement with Chinese mining manufacturer Bitmain to drastically increase output with 10,500 new Antminer S-19 rigs at a total cost of $23 million.

• The Nasdaq-listed mining company announced Friday the new order will see its bitcoin mining capacity quadruple from 3,020 units to over 13,520 rigs.
• Only last month, Marathon agreed to purchase a total of 1,360 rigs – 660 S-19s as well as 700 rigs from rival manufacturer MicroBT.
• The new rigs will be installed this weekend at the company's facility in Quebec.
• Having started expanding capacity in Q4 2019, the company says it expects the additional hashrate will make its mining facility a revenue-earning venture.
• Bitmain plans to ship 1,000 previously purchased rigs to Marathon in October and November.
• The deal means the Las Vegas-based Marathon will soon become one of the largest operators in the whole of North America, making up 1.2% of total hashrate on the Bitcoin network.
• Marathon's stock price was up over 12% to just under $4 at press time.

See also: Mining Firm Hut 8 Reports 28% Drop in Q2 Revenue Following Bitcoin Halving