A Nasdaq-listed cryptocurrency mining company, Marathon Patent Group Inc., announced it has signed a long term purchase contract with mining manufacturer Bitmain for the purchase of 10,500 Antminer S-19 Pro ASIC miners.
According to an official press release, the contract represents Marathon's intentions to significantly improve operations of bitcoin (EXANTE: Bitcoin) mining business.
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Marathon CEO Merrick Okamoto has described the collaboration with Bitmain as "a milestone event for the company."
"This investment is expected to result in Marathon being one of, if not the largest, Bitcoin miner in North America," Okamoto added.
In addition to that, Bitmain will also deliver up to 500 earlier purchased S-19 Pro miners back in September and 500 in November.
Once the installations are complete, the company’s yields are expected to generate prospective positive net cash flow, based on the current price of bitcoin and hashrate difficulty, the press release says.
Marathon is known as one of the first cryptocurrency mining companies listed on popular stock exchange Nasdaq.
iHodl previously reported that another miner manufacturer Ebang International Holdings Inc. had established a subsidiary in Singapore in order to launch a cryptocurrency exchange.
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