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Nasdaq-listed cryptocurrency mining company, Marathon Patent Group, has announced that it will buy Fastblock Mining in a fully equity transaction. The company’s letter of intent revealed that Marathon will acquire Fastblock for approximately $ 22 million.
The company will get 3,304 ASIC bitcoin miners from the deal, which will give the company a total of 5,364 miners and an additional 208 petahashs per second (PH / s).
Some of the major publicly traded mining companies have made significant moves in the US to become the country’s largest bitcoin mining operation.
During the mid-August news Bitcoin.com reported on Marathon Patent Group’s purchase of 10,500 Bitmain miners. This week on Tuesday, Riot Blockchain also bought 8,000 miners from Bitmain.
Both companies competed to capture the greatest number of hashrates. The day before Riot’s announcement, Marathon revealed that it acquired 1,300 ASIC machines between Bitmain Antminers and Microbt’s Whatsminer series.
The letter of intent announced on Wednesday states that Marathon plans to acquire Fastblock Mining by leveraging a fully equity transaction. Essentially, Marathon used 8,658,009 shares of its common stock in a private placement transaction.
Fastblock was created in 2014 and co-founder Bernardo Schucman will continue to work with Marathon as the company’s head of mining operations.
“[Marathon] will work with Fastblock’s management team to immediately begin expanding the current power capacity at the Atlanta, Georgia facility from 15 MWH to 45 MWH, ”the company’s release is detailed. “The plant can be expanded to a maximum of 100 MWH of power if the Company’s expansion efforts require additional power.”
“This acquisition completes the final step in our transformation,” said Merrick Okamoto, CEO of Marathon. “We are now well capitalized, we control our future with our extremely low energy cost facility, and we now have one of the most experienced Bitcoin mining teams to run our operations.”
The letter of intent notes that the acquisition is expected to be 100% completed by the end of September 2020, subject to customary closing conditions.
Fastblock’s co-founder said the company was looking for an investor who would like to continue building a bitcoin mining infrastructure. Schucman claims to have built or operated over 20 crypto data centers and mined over 50,000 BTC during his tenure.
“We actively sought a partner who could help us build one of the largest bitcoin mining companies in North America,” concluded Schucman.
What do you think of Marathon’s plans to purchase Fastblock Mining and the 208 PH / s added? Let us know what you think about this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Charts.Bitcoin.com
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