The Nasdaq-listed cryptocurrency mining company, Marathon Patent Group, has announced it will be purchasing Fastblock Mining in an all stock transaction. The firm’s letter of intent revealed Marathon will acquire Fastblock for around $22 million.
The company will obtain 3,304 ASIC bitcoin miners from the deal, which will give the business a total of 5,364 Miners and an added 208 petahash per second (PH/s).
A few of the top publicly listed mining companies have been making significant moves in the U.S. in order to become the country’s largest bitcoin mining operation.
During the middle of August news.Bitcoin.com reported on Marathon Patent Group’s purchase of 10,500 Bitmain miners. This week on Tuesday, Riot Blockchain purchased 8,000 miners from Bitmain as well.
Both firms have been going head to head in order to capture the most hashrate. The day before Riot’s announcement, Marathon revealed it acquired 1,300 ASIC machines between Bitmain Antminers and Microbt’s Whatsminer series.