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.

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