Listed on NASDAQ, Marathon Patent Group is looking to become one of the largest Bitcoin miners in North America. This move is being made possible via a Long Term Purchase Contract with the ASIC manufacturer: Bitmain. The contract is for 10,500 S-19 Pro ASIC miners and worth $23 million.
Marathon Patent Group
The CEO of the company commented: “The execution of this contract with Bitmain represents a milestone event for our company. This investment is expected to result in Marathon being one of, if not the largest, Bitcoin miner in North America. Today’s news comes on the heels of recent incremental business growth through the purchase of what now is expected to total 13,520 next generation miners generating 1.55 Exahash upon full installation. I would like to take this opportunity to thank Bitmain for working with us on this Long Term Purchase Contract, which locks in the purchase price, a substantial discount from the current retail price, and greatly reduces the risk of price increases to the Company and potential shortage of Miner availability in the future.”
Mining Decentralisation?
It is a well-known fact that most of Bitcoin mining takes place in China, in fact more than half of the hash rate originates from there. This has raised centralisation concerns for some which may be addressed once more companies from different countries get involved. The reason for their involvement may be due to Bitcoin recent rise to the spotlight as a dependable asset which is due to prominent investors getting involved in this space.
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