Bitcoin miner Marathon Patent’s stock jumps on upbeat outlook for mining, revenue

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Shares of cryptocurrency miner Marathon Patent Group Inc. shot up 11% in premarket trading Wednesday, after the company provided an upbeat outlook on its potential to produce bitcoin and its target for revenue. The company said that once all of its 23,560 cryptocurrency miners are deployed in the second quarter of 2021, it sees potential to produce 15 to 20 bitcoins per day, at an average cost of $3,863 per bitcoin. The company sees potential to generate revenue of $8.8 million per month, and $6.7 million in gross profit per month. Last week, the company had reported a third-quarter operating loss of $1.99 million on revenue of $835,184. Marathon Patent’s stock has lost 9.1% over the past three months through Tuesday, while the price of bitcoins has soared 50.6% and the S&P 500 has gained 6.5%.
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