The Knowledge Middle Will Generate 1.265 EH/S by 2Q 2021 with an Choice to Develop to three.320 EH/S. Marathon Will Personal 100% of the Knowledge Middle, Which Will Have One of many Lowest Power Prices within the U.S. for a Bitcoin Mining Operation.
Beowulf Presently Owns and Manages Over 2.3 Gigawatts of Electric Generating Capacity; Beowulf has Earmarked 500 Megawatts for Future Blockchain and Data Center Expansion
LAS VEGAS, Oct. 13, 2020 (GLOBE NEWSWIRE) — Marathon Patent Group, Inc. (NASDAQ:MARA) (“Marathon” or “Firm”) at the moment introduced the formation of a brand new three way partnership with Beowulf Power LLC (“Beowulf”) targeted on delivering low value energy to Marathon’s Bitcoin mining operations.
In reference to the three way partnership, Marathon has entered into agreements with Beowulf to co-locate its Bitcoin Mining Knowledge Middle (the “Knowledge Middle”) on the Massive Horn Knowledge Hub, which contains 20 acres of land adjoining to Beowulf’s Hardin Producing Station, a 105 MW energy facility positioned in Hardin, Montana. Beowulf will present energy from the Hardin plant to the Knowledge Middle at a manufacturing value of $0.028/kWh. Beowulf may even change into an fairness shareholder of Marathon because of the three way partnership. Marathon will retain 100% of the Bitcoin mining output generated on the Knowledge Middle.
Marathon will deploy the 11,500 subsequent era S19 Professional Antminers (110 TH/s) it beforehand acquired via its partnership with Bitmain Inc. on the Knowledge Middle. These miners will generate 1.265 EH/s when totally deployed, with full deployment anticipated via Q2 2021. At the moment, 500 of the S19 Professional Antminers have been delivered and deployed on the Knowledge Middle. The Knowledge Middle has the capability to deploy as much as 30,000 S19 Professional Miners that may generate 3.320 EH/s, offering Marathon with substantial alternative for future enlargement.
The Knowledge Middle will decrease Marathon’s mixture mining value for electrical energy and knowledge heart administration to $0.034/kWh, which is 38% beneath the Firm’s present value of mining. This low-cost electrical energy reduces Marathon’s breakeven prices to supply Bitcoin from roughly $7,500 per Bitcoin at the moment to $4,600 per Bitcoin, dramatically enhancing the Firm’s future profitability.
Marathon Chairman and CEO Merrick Okamoto said, “The closing of this three way partnership with Beowulf represents the completion of an extended journey to personal a Bitcoin mining facility. Partnering with an skilled impartial energy producer allows us to take care of management and certainty of Marathon’s power and operational prices, at charges that signify among the lowest in North America.”
Nazar Khan, Government Vice President of Beowulf, commented, “In pursuing the co-location of a Bitcoin mining operation at Hardin, we sought to seize the inherent worth to the Knowledge Middle of securing a long-term provide of dependable, safe, and low-cost energy whereas benefitting from the numerous on-site technical experience to make sure environment friendly operations. Our knowledgeable in-house engineers and technicians have designed the Knowledge Middle to assist the immense computing speeds of the most recent era S19 Professional Antminers. Situated in Japanese Montana, the Knowledge Middle has a significant aggressive benefit on power pricing, average local weather, and regulatory stability. Beowulf has additionally earmarked an extra 500 megawatts of era capability for subsequent blockchain and knowledge heart enlargement.”
Investing in our securities includes a excessive diploma of threat. Earlier than investing choice, you must fastidiously take into account the dangers, uncertainties and forward-looking statements described beneath “Danger Elements” in Merchandise 1A of our most up-to-date Annual Report on Type 10-Okay for the fiscal yr ended December 31, 2019. If any of those dangers have been to happen, our enterprise, monetary situation or outcomes of operations would seemingly endure. In that occasion, the worth of our securities might decline, and you may lose half or your entire funding. The dangers and uncertainties we describe aren’t the one ones going through us. Further dangers not presently recognized to us or that we presently deem immaterial may additionally impair our enterprise operations. As well as, our previous monetary efficiency might not be a dependable indicator of future efficiency, and historic tendencies shouldn’t be used to anticipate outcomes sooner or later. Future adjustments within the network-wide mining problem fee or Bitcoin hashrate may additionally materially have an effect on the long run efficiency of Marathon’s manufacturing of Bitcoin. See “Secure Harbor” beneath.
Statements made on this press launch embody forward-looking statements throughout the that means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Trade Act of 1934. Ahead-looking statements might be recognized by means of phrases similar to “might,” “will,” “plan,” “ought to,” “count on,” “anticipate,” “estimate,” “proceed,” or comparable terminology. Such forward-looking statements are inherently topic to sure dangers, tendencies and uncertainties, lots of which the Firm can’t predict with accuracy and a few of which the Firm won’t even anticipate and contain components that will trigger precise outcomes to vary materially from these projected or recommended. Readers are cautioned to not place undue reliance on these forward-looking statements and are suggested to think about the components listed above along with the extra components beneath the heading “Danger Elements” within the Firm’s Annual Experiences on Type 10-Okay, as could also be supplemented or amended by the Firm’s Quarterly Experiences on Type 10-Q. The Firm assumes no obligation to replace or complement forward-looking statements that change into unfaithful due to subsequent occasions, new info or in any other case.
About Marathon Patent Group
Marathon is a digital asset know-how firm that mines cryptocurrencies, with a give attention to the blockchain ecosystem and the era of digital belongings.
About Beowulf Power
Based in 1994, Beowulf is an impartial infrastructure firm that develops, builds, owns, and operates energy era and industrial infrastructure amenities worldwide. Headquartered in Maryland, the corporate has intensive growth and operational expertise in home and worldwide power markets. Beowulf has developed, constructed, acquired, and operated over $5 billion of energy era and industrial belongings. Beowulf is led by its founder, Chairman, and Chief Government Officer, Paul B. Prager.
Marathon Patent Group Firm Contact:
Electronic mail: [email protected]
Marathon Patent Group Investor Contact:
Gateway Investor Relations
Matt Glover and Charlie Schumacher
Electronic mail: [email protected]