Marathon Patent Group has signed a sale agreement with Chinese mining manufacturer Bitmain to drastically hike output with 10,500 new Antminer S-19 rigs at a complete cost of around $23 Mln.
Recently today on Friday, The Nasdaq-listed mining firm announced that the new order will see its mining capacity quadruple from 3,020 units to over 13,520 rigs.
Just last month, Marathon agreed to buy a complete of 1,360 rigs – 660 S-19s and 700 rigs from rival manufacturer MicroBT.
The new rigs will be installed this weekend at the company’s facility in Quebec.
Having started expanding capacity in Q4 2019, the firm says it expects the extra hashrate will make its mining facility a revenue-earning venture.
Bitmain plans to ship 1,000 previously purchased rigs to Marathon later in the month of October and November.
The deal means the Las Vegas-based Marathon will soon become one among the leading operators within the whole of North America, making up 1.2% of total hashrate on the Bitcoin network.
At the reporting time, Marathon’s stock price was up over 12% to solely under $4 USD.