Marathon Patent Group closes 2020 with capital gain of $ 200 million
The bitcoin miner group Marathon Patent Group closed 2020 with a capital increase of around 200 million US dollars. Money that the listed company wants to put into growth above all.
In the battle for the crown of the largest Bitcoin mining company in the USA, the Marathon Patent Group is right at the forefront
Just a few months ago , BTC-ECHO reported on the group’s efforts to assert itself in the competition against competitors from Riot Blockchain. As of late 2020, the patent holder company had $ 200 million in capital raises, closing the year with $ 217.6 million in cash and 74,656,649 shares outstanding. The group announced in a press release With.
Capital that the Marathon Patent Group would like to use primarily to pay off the miners that have already been purchased. And money that the listed company would like to use to expand its business further. So far, the company has bought 103,060 Profit Revolution miners, which – provided they are delivered and operational – should enable a hash rate of 10.36 exahashes per second (EH / s). This would make the Marathon Patent Group the largest Bitcoin mining company in North America, as the Bitcoin Maximalist bloggers confirm. According to the press release mentioned above, 15,200 Bitcoin miners will start up in the first quarter of 2021. 4,000 of them in February, 6,300 in March and 4,800 in April.
CEO Merrick Okamoto said that „the completion of the capital increase represents a milestone“ for the business of the Marathon Patent Group
„We operate in a volatile industry where forward-thinking timing and scaling are critical to efficiently increasing profitability,“ continued Okamoto. The records of the Bitcoin course met with the large-scale purchases of the miners. This lucky timing meant enormous profits for the group of companies.
If all of the Bitcoin miners purchased were to be used at present, that would generate annual sales of $ 618 million. Assuming the Bitcoin rate remains stable at around $ 28,000. With currently around 32,000 US dollars, we are well above it.