Marathon Patent Group (NASDAQ: MARA) Passes on Merger and Decides to Develop its Own Bitcoin Mining Operation. Marathon Patent Group has as many as 20 subsidiaries that hold its various patents, from automotive to telecommunications and Bitcoin mining.
Marathon is up 2500% from our initial report price as seen in the chart below. (update 01/07/2021)
Marathon Patent Group, Inc. (NASDAQ: MARA) is a digital asset technology company that mines cryptocurrencies, with a focus on the blockchain ecosystem and the generation of digital assets. They currently operate one mining facility in Quebec, with plans to open additional facilities in the future.
On August 21, 2018 Marathon announced it had received formal notification from the Listing Qualifications Department of The NASDAQ Stock Market notifying Marathon that it has regained compliance with Listing Rule 5605(b)(1) and 5605(c)(2) for continued listing on The NASDAQ Stock Market, with the appointment of Michael Berg and S. Michael Rudolph, and that the matter is now closed. The Company’s common stock will continue to trade on NASDAQ.
On July 10, 2018, the Company was notified by the NASDAQ Stock Market that it no longer complied with the independent director position committee requirements of Listing Rules 5605(b)(1). The Company previously announced its plans to regain compliance through the appointment of two new independent directors to the Board.
After many months of working toward a proposed merger with Global Bit Ventures, Inc. MARA decided to not pursue the merger in early July. The company stated the decline in Bitcoin prices made the merger less beneficial to its shareholders.
Blockchains are decentralized digital ledgers that record and enable secure peer-to-peer transactions without third party intermediaries. Blockchains are secured by miners that use powerful computer networks to secure and verify every transaction.
Granby Facility Details:
1,400 Bitmain Antminer S9 miners currently in operation
26,700 square feet of data center space in Quebec, Canada.
Utilization of approximately 2.0 MW
Approximately 19 Ph/s of ASIC mining capacity.
Currently mining Bitcoin, but systems can be configured to mine other digital assets/cryptocurrency using the SHA256 algorithm.
Marathon Patent Group, Inc. focuses on mining digital assets. It owns cryptocurrency mining machines and a data center to mine digital assets. The company was formerly known as American Strategic Minerals Corporation and changed its name to Marathon Patent Group, Inc. in February 2013. Marathon Patent Group, Inc. was incorporated in 2010 and is headquartered in Las Vegas, Nevada.
Financial review Q2 and H1 2018
Generated revenues of $688,502 and $928,469 during the three and six months ended June 30, 2018 as compared to $368,800 and $446,937 during the three and six months ended June 30, 2017. For the three and six months ended June 30, 2018, this represented an increase of $319,702 or 87% and $481,532 or 108%, respectively. Revenue for the three and six months ended June 30, 2018 were derived primarily from cryptocurrency mining.
Direct cost of revenues during the three and six months ended June 30, 2018 amounted to $931,630 and $1,199,339 and for the three and six months ended June 30, 2017, the direct cost of revenues amounted to $1,024,078 and $1,479,486. For the three and six months ended June 30, 2018, this represented a decrease of $92,366 or 9% and $280,147 or 19%, respectively.
Other operating expenses of $4,147,070 and $5,977,460 for the three and six months June 30, 2018 and $2,273,434 and $4,705,851 for the three and six months ended June 30, 2017. For the three and six months ended June 30, 2018, this represented a decrease of $1,873,636 or 82% and $1,271,609 or 27%, respectively.
Net loss of $4,676,645 and $7,079,465 for the three and six months ended June 30, 2018 and net loss of $2,200,792 and $5,807,439 for the three and six months ended June 30, 2017.
Stock influences and risk factors
A significant increase in the price of Bitcoin could act as a catalyst for MARA shares.
Digital assets and similar alternatives could be created via various other alternative and parallel
technologies. Therefore, it is not genuinely finite. In fact, all cryptocurrencies are the same in the
general sense in that the underlying technology is identical.
Furthermore, the company’s valuation is a function of the Bitcoin prices. As such, Bitcoin does not
serve as a store of value. The same is a fundamental constraining factor for the subject asset class.
Notwithstanding the recent boom, this is still a very nascent stage space and only time would
differentiate between real winners and laggards.
On Monday, August 28, 2018, MARA shares were at $1.00 on traded volume of 3 million shares. The current RSI(14) is 53.35
At $1.00, MARA shares are trading below their 50 DMA and 200 DMA of $1.01 and $2.14 respectively.
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