The company Marathon Patent Group Inc based in California has announced about its expansion towards crypto activities. It has launched a Bitcoin mining center in the region of Quebec.
The company has invested considerable sums in creating this mining center. According to the reports provided by Nasdaq, on 8th February, Marathon has acquired 1.400 Bitmain Antminer S9 mining devices and just one week later it has rent a 26.700 square feet of data center space in Quebec.
With few research, we have discovered that an Antimner S9 costs on Amazon $2.489,00. Now, multiply this amount to 1.400. The resulted sum is not a small one.
Yesterday, on 12 March 2018, Marathon has disclosed that it had officially succeeded the installation and even started the mining process.
The CEO and Chairman of the Board of Directors at Marathon Patent Group, Merrick Okamoto wanted to thank everyone for supporting its team and stated this: “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.”
According to Finance Magnates, the company “is utilizing approximately 2 MW of power and delivers approximately 19 Ph/s of ASIC mining capacity”. However, it still plans to add other 2.800 mining devices, respectively, this will append an additional 3.9 MW of power.
The project has an enormous potential. The results of the announcement are already visible in NASDAQ‘s stock prices. The Marathon’s stocks that went through an unfavorable period, starting with the yesterday’s announcement about the mining center, have increased considerably. Thus, Marathon‘s value rose 58% in just one day.