These bitcoin miners have earned an extra $200 million in capital
Bitcoin mining group Marathon Patent Group has closed 2020 with an increase in capital of around $200 million. Money that the publicly traded group plans to put primarily into growth.
In the battle for the crown of the largest Crypto Trader companies in the US, Marathon Patent Group is way out in front. Just a few months ago, BTC-ECHO reported on the group’s efforts to compete against fellow Riot Blockchain. As of the end of last year 2020, the patent holding company now recorded $200 million in capital raises, ending the year with $217.6 million in cash and 74,656,649 shares outstanding. The group made the announcement in a press release.
Capital that Marathon Patent Group plans to use primarily to pay off the miners it has already purchased. And money the publicly traded company hopes to use to continue growing the business. So far, the company has purchased 103,060 bitcoin miners, which – when delivered and operational – are expected to enable a hash rate of 10.36 exahashes per second (EH/s). This would make Marathon Patent Group the largest bitcoin mining company in North America, as also confirmed by the bloggers of Bitcoin Maximalist. According to the above press release, 15,200 of the bitcoin miners will launch in the first quarter of 2021. 4,000 of them in February, 6,300 in March and 4,800 in April.
Bitcoin mining: more than $600 million in revenue beckons
Accordingly, company CEO Merrick Okamoto said that „the completion of the capital increase represents a milestone“ for Marathon Patent Group’s business. „We operate in a volatile industry where forward-thinking timing and scaling are critical to efficiently drive profitability,“ Okamoto added. The record highs in the bitcoin price have coincided with large-scale purchases by miners, he said. This fortuitous timing has meant huge profits for the group of companies, he said.
If all of the bitcoin miners purchased were currently deployed, it would provide $618 million in annual revenue. That’s assuming the Bitcoin exchange rate remains stable at a level of around 28,000 US dollars. At currently around 32,000 US dollars, we are well above that.