Marathon Patent Group Inc. which is based in California has made public its expansion plans towards the money-spinning Bitcoin mining business. The firm has opened its operational facilities in the mining-friendly area of Quebec.
The company confirmed to have purchased 1,400 Bitmain Antminer S9 miners also dubbed “Antminer S9s,” and on February 15 it announced that it had leased about 26,700 square feet of the space to be used as data center space.
Yesterday, Marathon publicized that it had successfully finalized the installation process and also had kicked off the process of mining. Marathon has commenced its operations which are estimated to consume about 2.0 MW and deliver roughly 19 Ph/s of ASIC mining volume. The Antminer S9s are currently mining Bitcoin, but are also able to mine other digital assets/cryptocurrency using the SHA256 algorithm.
Marathon is looking forward to adding up to about 3.9 MW extra power. If completed, it’s projected that it will be providing capacity that allows up to 2,800 additional Antminer S-9s that if acquired, can be located at this facility.
With the acquired ASIC devices, Marathon will be engaging in the mining of bitcoins, at least for the time being. Nevertheless, the company also has plans to make use of the SHA256 algorithm to mine other virtual currencies, such as Bitcoin Cash in the future.
Marathon formerly licensed IPs, but after it acquired GBV, it shifted focus towards cryptocurrency-related businesses. GBV is now focused only on virtual assets mining, but the company has substantial plans to develop its business through the addition of dedicated computer equipment and getting into the process of mining new digital coins.
The Chairman of the Board of Directors and Interim CEO of Marathon, Merrick Okamoto stated that the announcement signified a breakthrough for the Company. He thanked everyone who worked so hard towards the realization of the success.
The outcome of this announcement can be seen on the NASDAQ-listed company stock prices. The steadily declining stocks of Marathon climbed as the market opened, and the company added over 58 percent to its value in just one day of trading.