The Nasdaq-listed cryptocurrency mining firm, Marathon Patent Group, has introduced will probably be buying Fastblock Mining in an all stock transaction. The agency’s letter of intent revealed Marathon will purchase Fastblock for round $22 million.
The corporate will receive 3,304 ASIC bitcoin miners from the deal, which is able to give the enterprise a complete of 5,364 Miners and an added 208 petahash per second (PH/s).
Just a few of the highest publicly listed mining firms have been making important strikes within the U.S. as a way to turn into the nation’s largest bitcoin mining operation.
In the course of the center of August information.Fintech Zoom reported on Marathon Patent Group’s buy of 10,500 Bitmain miners. This week on Tuesday, Riot Blockchain bought 8,000 miners from Bitmain as properly.
Each corporations have been going face to face as a way to seize essentially the most hashrate. The day earlier than Riot’s announcement, Marathon revealed it acquired 1,300 ASIC machines between Bitmain Antminers and Microbt’s Whatsminer collection.
The letter of intent introduced on Wednesday stated that Marathon plans to accumulate Fastblock Mining by leveraging an all stock transaction. Basically Marathon utilized 8,658,009 shares of its frequent stock in a personal placement transaction.
Fastblock was created in 2014 and the cofounder Bernardo Schucman will proceed to work with Marathon because the agency’s Head of Mining Operations.
“[Marathon] will work with Fastblock’s management team to immediately begin expansion of the current power capacity in the Atlanta, Georgia facility from 15MwH to 45MwH,” the corporate’s press assertion particulars. “The facility may be expanded up to a maximum of 100MwH of power should the Company’s expansion efforts require additional power.”
“This acquisition completes the final piece of our transformation,” Marathon’s CEO Merrick Okamoto stated. “We are now well capitalized, control our own future with our own facility with extremely low power costs, and now we have one of the most experienced Bitcoin mining teams to run our operations.”
The letter of intent notes that the acquisition ought to be 100% full by the top of September 2020 relying on customary closing situations.
Fastblock’s cofounder stated the agency was in the hunt for an investor who needed to proceed constructing bitcoin mining infrastructure. Schucman claims to have constructed or managed over 20 crypto knowledge facilities and has mined over 50,000 BTC throughout his tenure.
“We have been actively seeking a partner that could help us build one of the largest bitcoin mining companies in North America,” Schucman concluded.
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