Shares of Marathon Patent Group Inc (NASDAQ: MARA) surged 41.9% today after the company signed a contract with Bitmain to purchase 70,000 Antminer S-19 ASIC miners worth $170 million.
The order will more than triple Marathon Patent’s current fleet of Antminers, which stands at 33,000, and is seen as a bet on the rising Bitcoin prices. The firm which mines Bitcoin on a large scale basis for its own benefit is looking to capitalise on the rising Bitcoin prices with its latest purchase.
Marathon Patent expects to receive the first batch of 7,000 S-19 miners in July 2021 with the last batch being delivered in December 2021. Today’s announcement will see the company boost its fleet of miners to 103,000 miners capable of producing 10.36 EH/s.
Ready to put what you’ve learned into practice?
Try IG’s platform with £10,000 in virtual funds and practise trading
without putting your own money at risk.
Try IG with a demo account →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Learn the markets with IG Academy
Build your knowledge with IG Academy educational content, then use a
demo account to practise what you’ve learned on the IG platform.
Explore IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
See how trading works before risking real money
IG’s demo gives you access to thousands of markets and £10,000 in
virtual funds, so you can explore the platform and test your ideas first.
Open an IG demo →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Turn trading theory into practical experience
Learn with IG Academy, explore charts and market tools, and practise
strategies in a simulated trading environment before going live.
Start practising with IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Ready to take your learning further?
IG combines market education, analysis and an established trading platform,
giving you the tools to keep learning as you develop your trading skills.
Discover IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Merrick Okamoto, Marathon’s Chairman and CEO, stated, “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. We appreciate the hard work their team is putting in to fulfil this order as well as the 30,000 S-19 miners we have purchased since August 2020. Our relationship with Bitmain is an important component of our potential for future success, and we look forward to continuing working with them to scale our business.”
Irene Gao, Antminer Sales Director for North, Central, and South America (NCSA) at Bitmain commented, “We are excited that Bitmain has won this record-breaking purchase contract from Marathon. Marathon has quickly become our largest customer, and our partnership continues to mutually benefit both of our companies.”
Marathon Patent share price
Marathon Patent shares surged 41.9% today to trade at $15.50 having rallied from Thursday’s closing price of $10.92.
