- Marathon Patent Group announces deployment of 700 Bitcoin ASICs
- This will add 56 PH/S of hashing power.
- The company has also noted it is debt-free.
Marathon Patent Group (NASDAQ: MARA), a cryptocurrency mining company, announced the deployment of 700 M30S+ Bitcoin ASIC miners. The new addition will add 56 PH/S of hashing power, which will be able to mine about half a Bitcoin a day. The firm is also awaiting delivery of 1,160 S19 PRO ASIC miners from Bitmain, which will add another 127 EH/S to their mining facility.
More importantly, the company has also noted that they are debt-free. Cryptocurrency mining profitability has plummeted following Bitcoin’s 2018 correction. However, the Marathon Patent Group has managed to stay debt-free despite current cryptocurrency market conditions.
The company’s mining expansion comes following dwindling profits as a result of the Bitcoin halving. The halving reduced the block reward from 12.5 Bitcoin to 6.25 Bitcoin, cutting miner revenue in half. In combination with Bitcoin’s declining price, many miners have left the network.
However, Marathon Patent Group has taken this as an opportunity to expand. In the announcement, the company said the miners were purchased on May 11, 2020, the day of the Bitcoin halving. Furthermore, the company still has over a 1,000 S19 PRO miners on the way.
On an earlier podcast at The Crypto Associate, Johnson Xu (Chief Analyst at TokenInsight) discussed the mining landscape following the halving and why there may be a jump in hashrate despite the declining revenue.
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