Marathon Brings New Bitcoin Mining Rigs Online, Sees Itself Becoming Cash-Flow Positive

Nasdaq-listed cryptocurrency mining company Marathon Patent Group received and deployed two shipments of new mining machines, which increased the companyâs 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.
- âWe 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,â said CEO Merrick Okamoto.
- Marathon shares, which were already down about 50% from their yearly high set earlier in August, are down 10% from their Monday open, trading around $2.52 at last check.
Related Stories
- Bitcoin Miner Layer1 Overstated Industry Vetâs Involvement in $50M Series A Pitch
- Riot Supercharges Mining Ops With 8,000 More Bitmain Rigs as Bitcoin Price Soars
- Top Bitcoin Mining Pools See 15% Hashrate Drop Amid Continuous Rainstorms in China
- PayPal Co-founder, DCG-Backed BTC Mining Firm Layer1 Accused of Patent Infringement
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.