Today, Marathon Patent Group, Inc. launched its brand new facility in Quebec, Canada. The facility is a fresh start for a company as it engages into Bitcoin mining game. Formerly, Marathon dealt with patents and commerce, it purchased and maintained intellectual properties of different organizations of all sizes from big corporations to universities and small startups.
Earlier, the company leased 2,5 sq km of space in Quebec specifically for establishing a data centre and cooperated with Bitmain on the matters of acquiring 1,400 units of Bitmain's Antminer S9 mining rigs. With this setup, 19Ph/s of ASIC mining capacity is expected to be carried out. Marathon is planning to add 2,800 more units to the facility. These machines are capable of mining both Bitcoin as well as other digital currencies like Bitcoin Cash, as the algorithm remains the same - SHA256. The company is clearly focused on mining cryptocurrencies with adding new crypto assets along the process and thus expanding its portfolio.
Judging by the stocks reaction - the stock (Nasdaq:MARA) is on the rise with 32% already gained, investors are pleased with the business shift. And it seems that traditional stock investors have found an elegant way to be exposed to the emerging market of digital assets.
Today’s announcement represents a milestone for the Company. I’d like to thank everyone that worked so hard to make this day a reality for our shareholders.
Merrick D. Okamoto
Interim Chief Executive Officer, Marathon
