Marathon Brings New Rigs Online, Sees Becoming Cash Flow Positive
www.coindesk.com 25 August 2020 14:20, UTC
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Nasdaq-listed cryptocurrency mining company Marathon Patent Group received and deployed two shipments of new mining machines, which increased the company’s hashrate by 130 petahash per second to 186 petahash per second.
- According to an announcement Monday, the company received 700 WhatsMiner M31S+ Miners from MicroBT and 600 S19 Pro Antminers from Bitmain.
- 1,000 additional S19 Pro Antminers are expected to arrive between September and December this year leading to an expected additional hashrate increase of 153.4 petahash per second.
- “We believe that the increased hashrate production will mean the company will become cash flow positive on a go forward basis for the first time since we embarked on this pivot to become a bitcoin mining company,” said CEO Merrick Okamoto.
- Marathon shares, which were already down about 50% from their all-time high set earlier in August, are down 10% from their Monday open, trading around $2.52 at last check.
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