Marathon Patent Group, Inc., which had previously worked on patents, decided to change the profile. Today it has announced that it has started production of bitcoins at the new facility in Quebec, Canada. After a couple of hours after market open the company’s stock rose 32%.
Marathon has announced that it has purchased 1400 Bitmain Antminer integrated circuits S9 and rented a 26 700 square feet in a data center in Quebec. It is assumed that the operation of the new farm will use approximately 2.0 MW and will work with hasraton about 19 Ph/s. The company plans to add a further 3.9 MW of electricity. In this case, it will be able to use the 2800 additional Antminer S-9s.
In addition, Marathon announced to investors that although now Antminer S9s mined bitcoin (BTC), if necessary, they can switch to other digital assets or cryptocurrency (e.g., BCH) using the SHA256 algorithm.
Merrick Okamoto (Okamoto Merrick), interim chief Executive officer of Marathon and Chairman of the Board of Directors, said:
“Today’s announcement is an important milestone for our company. I would like to thank everyone who worked so hard to make this day a reality for our shareholders.”
It should be noted that the dislocation was not chosen randomly. The canadian province of québec has become a magnet for bitcoin miners from around the world thanks to cheap hydropower and cool climate.