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Marathon Patent Agrees to Buy 70K ASIC Miners From Bitmain for $170M
The announcement comes after a holiday weekend in which the price of bitcoin hit a succession of new all-time highs.
Nasdaq-listed Marathon Patent Group (MARA)https://hashrateindex.com/stocks/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.
STORY CONTINUES BELOW
Update (Dec. 28, 15:43 UTC): Updated with Marathon stock prices.
Kevin Reynolds
Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
