Bitcoin Miner Marathon Patent Group Completes $200M Capital Raise

Bitcoin miners
(Arina P Habich/Shutterstock)

Bitcoin Miner Marathon Patent Community Completes $200M Capital Raise

Nasdaq-listed bitcoin mining company Marathon Patent Community (MARA) has announced the completion of a $200 million capital expand.

  • U.S.-primarily primarily based Marathon reported Monday that following the beforehand announced shelf providing, it had ended the 2020 fiscal year with $217.6 million in cash and 74,656,549 shares outstanding.
  • The firm plans to use the funds to pay for main purchases of bitcoin miners from producer Bitmain, as neatly as extra enhance the commerce.
  • To this level, Marathon said it has equipped 103,060 miners that, as soon as delivered and deployed, are expected to develop roughly 10.36 EH/s in hash energy.
  • 15,200 of these fashions are scheduled to be shipped within the main quarter of 2021, Marathon said. It be extra awaiting inserting in 4,000 fashions in February, 6,300 in March and 4,800 in April.
  • If the total miners were deployed straight away, at a bitcoin label of $28,000, “we could maybe maybe possibly develop roughly $618 million in revenue every year and roughly $523 million in base revenue every year,” said Marathon’s chairman and CEO, Merrick Okamoto, citing numbers from mining revenue calculators.

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