Los Angeles-based patent management company Marathon Patent Group, Inc. (MARA) has commenced bitcoin mining business at its new facility in Quebec, Canada.
Investors apparently showed interest in the move, as Marathon shares went up 32 percent after markets opened Monday.
Marathon had purchased 1,400 Antminer S9 miners from Bitmain and had leased 26,700 square feet of data center space in Quebec. The operations are expected to utilize approximately 2 MW of power and deliver approximately 19 Ph/s of ASIC mining capacity. The company is seeking to add up to an additional 3.9 MW of power. If completed, this is expected to provide capacity for up to 2,800 additional Antminer S-9s.
Marathon said the Antminer S9s are able to mine other cryptocurrencies using the SHA256 algorithm in future.
Marathon was previously a patent licensing and commercialization company that acquired and managed intellectual property rights. Following the acquisition of Global Bit Ventures Inc., (GBV), the combined company will focus on the development of the blockchain ecosystem and generation of digital assets, it said in a statement.