Marathon Introduces Wide-Scale Bitcoin Mining Operation

Last Updated: April 22, 2018 at 5:43 PM EST

A California-based company has recently unveiled its newest venture: the profitable Bitcoin mining business. Following this announcement the company has opened operational facilities in Quebec, an area considered to be very mining-friendly.

As said on a report from Nasdaq, on February 8, the company bought 1,400 Bitmain Antminer S9 miners and only a week later had publicized the leasing of 26,700 square feet of data center space in Canada.

In an announcement made yesterday, Marathon showed to the public that they have successfully completed the installation and have already begun the mining process.

In a statement from the company’s interim CEO and chairman of the board of directors, Merrick Okamoto, he said: “Today’s announcement represents a milestone for the company. I’d like to thank everyone that worked so hard to make this day a reality for our shareholders.”

As of the most recent reports, the company is using up approximately 2 MW of power and delivers approximately 19 Ph/s of ASIC mining capacity. This, however, is not the final step. The company is still looking into expanding its mining operation thrice by adding  another batch of 2,800 more mining devices, which will mean 3.9 MW of power.

The announcement almost immediately reflected on the stock prices of the company. The declining stocks of Marathon skyrocketed as the market opened on March 13, adding around 58% to its value in just a single day of trading.