Marathon Miner Update - Partner is Chpt 11 not MARA (Patreon)

Yesterday I was on the receiving end of a report that Marathon was filing Chapter 11.  It was actually a company that is a partner of Marathon and who Marathon has large exposure to.... either way it is showing cracks in the miner space many will go bankrupt it still appears. Marathon will have to liquidate assets as I expected in summer 2022.   

More than 68,000 Bitcoin mining machines from Marathon were being installed and hosted by Compute North in its wind-powered Texas facility, according to the miner’s latest quarterly report. It is not sure what is happen to those machines and where they will go. 

Marathon net debt to equity ratio (102.9%) is considered high. They can eat this loss but we shall see what future holds. 

Argo Blockchain coincidentally fell roughly 14% on Friday morning after it disclosed deals to sell some of its mining machines and ordinary shares to raise capital and strengthen its balance sheet amid challenges in its operating environment. The cryptocurrency miner is selling 3,400 new in box Bitmain S19J Pro machines to a third party for 6 million pounds sterling ($6.7 million).