Marathon Patent Group to Purchase 6,000 Bitmain Miners

Marathon Patent Group (NASDAQ:MARA), digital asset company announced that it plans to acquire 6,000 of Bitmain’s Bitcoin Antiminers. These Antiminers have the ability to produce a single bitcoin for close to US$5,050, comprising about half the value of bitcoin’s current price.

As quoted in the press release:

The Miners will be placed into service in a Co-Location hosting facility with electricity costs of $0.035 per KwH and $0.02 per KwH for the all-in hosting management. The combined cost of $0.055 per KwH equates to a breakeven of approximately $5,050 per Bitcoin resulting in Gross Profit Margins above 100% for each Bitcoin earned from mining at a price of $10,000/BTC.

The Company anticipates the Miners will be placed into service early in the 4^th quarter of 2019. Once the S-9s are placed into service, the Company’s total HashRate is expected to increase from the current production level of 14 PH/s to approximately 98 PH/s, which at today’s Bitcoin prices, would produce an annual revenue run rate over $10 million. The improving market for Bitcoin has been increasing the number of miners on the Blockchain network which increases the overall HashRate and mining difficulty. This increase in difficulty levels can reduce the Bitcoin’s rewarded to miners, therefore the Company’s revenue run rate may be lower than could be earned today.

Click here to read the full press release.