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Nasdaq-listed Bitcoin Mining Companies Rally Following Big Machine Orders

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Nasdaq-listed Bitcoin Mining Companies Rally Following Big Machine Orders

Nasdaq-listed Marathon Patent Group (MARA) has announced the pre-order purchase of 70,000 Antminer S-19 ASIC miners from Bitmain for $170 million.

With this latest order, which is the largest purchase both in dollars and for S-19 ASIC miners that Bitmain has received, that would increase the size of Marathon’s fleet by 3x.

Marathon, one of the largest bitcoin mining companies in North America, will be receiving the initial shipment in July 2021 and the final batch will come in December 2021.

This will bring the total machines under Marathon at 103,000 with a total mining capacity of 10.36 exahashes per second (EH/s). The order came after the holiday weekend that saw Bitcoin breaking multiple levels of ATH.

The news pushed MARA shares up 24% in the pre-market. Trading around $12.25, the shares are up 98% this month and more than a 1,000% YTD.

On Monday, another Nasdaq-listed bitcoin mining company Riot Blockchain’s (RIOT) shares jumped 28.5% before closing the day at $15.65. These gains pushed the market cap of the company past $1 billion. In 2020, the shares of the Castle Rock-based firm have gained more than 1,250%, so far.

Riot, which made a shift from biotech to bitcoin mining in Oct. 2017, has also expanded the size of its mining operations this year by purchasing 31,000 new ASIC mining machines and planning a project to test water immersion cooling technology.

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