Marathon Patent Group Inc (NASDAQ:MARA) reported that Global Bit Ventures Inc., a digital asset technology firm that mines cryptocurrencies has bought 1,300 “Antminer S9s”. GBV and Marathon have finalized a definitive purchase deal whereby Marathon is buying 100% stake of GBV.
The Antminer S9s are made by Bitmain, one of the most popular “ASIC” server manufacturers. Marathon reported that the 1,300 Antminer S9s are anticipated to use a projected 1.8 MW of power once entirely deployed and include ASIC mining capacity of 14 Ph/s. GBV currently has 1,000 GPU mining servers with a capacity of 250 GH/s. The “Antminer S9s” can mine any cryptocurrency utilizing the SHA256 algorithm, counting Bitcoin Cash and Bitcoin.
Merrick Okamoto, the Interim CEO of Marathon Patent, expressed that they are delighted that GBV has now bought the expected 1,300 new S9s. The inclusion of ASIC mining capacity of 14 Ph/s, together with their expected merger, establishes the stage for fast revenue growth in the years ahead.
On November 2, 2017, the company reported that it finalized a definitive purchase deal to buy 100% stake of GBV. GBV has a strong infrastructure in place with considerable expansion capability. The closing of the deal is subject to getting requisite nods and customary closing conditions.
Marathon marks as an IP licensing firm. Post the deal of GBV, the combined firm will focus on the advancement of GBV’s new business comprising the generation of digital assets and blockchain ecosystem. GBV is emphasized on mining digital assets and plans to add particular computer equipment and intends to expand its measures to mine new digital assets.
In the last trading session, the stock price of Marathon declined more than 3% to close the day at $3.47. The decline came at a share volume of 2.21 million compared to average share volume of 3.80 million.