Marathon Digital Holdings Announces Bitcoin Production and Mining Updates for August 2022

Marathon Digital Holdings, Inc.

Marathon Digital Holdings, Inc.

Around 25,000 miners (around 2.5 EH/s) powered in August as Bitcoin production improves to 184 BTC

LAS VEGAS, Sept. 06, 2022 (GLOBE NEWSWIRE) — Marathon Digital Holdings, Inc. (NASDAQ: MARA) (“Marathon” or “Company”)a leader in supporting and securing the bitcoin ecosystem, today released unaudited bitcoin (“BTC”) production and miner installation updates for August 2022.

Management commentary
“In August, we continued to install and energize miners with our hosts, increasing our hash rate and steadily improving our bitcoin production,” said Fred Thiel, CEO of Marathon. “During the month, approximately 25,000 of our previously installed miners were successfully powered, increasing our hash rate to approximately 3.2 exahashes per second with our operating mining fleet of approximately 34,000 miners as of August 31. As a result, we produced 184 BTC. in August.

“Our hosts have continued to install miners in multiple locations. Based on their latest reports, we expect to have approximately 65,000 additional miners, or approximately 6.9 exahashes per second of capacity, live in multiple facilities over the course of of the next 90 days. With installations and construction of new installations progressing, these operational advances give us confidence that we are on track to achieve our primary goal of approximately 23 exahashes per second of capacity by mid-2023. , by which time Marathon’s operations are expected to be not only among the largest, but among the most energy efficient by terahash.”

August 2022 and recent highlights

  • The mining fleet in operation consists of around 34,000 active miners, producing around 3.2 PE/s, after around 25,000 miners (around 2.5 PE/s) were successfully powered in August

  • Approximately 65,000 additional miners (approximately 6.9 PE/s) are expected to be powered over the next 90 days

  • Produced 184 bitcoins in August 2022; year-to-date through August 31, 2022, produced 2,222 bitcoins, an increase of 26% over the same period of the previous year

  • Benefited from a lower market price adjustment for the XP S19s which are expected to ship in September; benefits from price adjustments that are expected to continue as additional XP ships between October and December

  • Total bitcoin holdings increased to 10,311 BTC with a fair market value of $206.7 million as of August 31, 2022

  • Unrestricted bitcoin holdings were approximately 6,483 BTC with a fair market value of approximately $130.0 million

  • Unrestricted cash was approximately $71.4 million as of August 31, 2022

  • The previously announced exit from the Hardin, Montana facility and the resale and/or redeployment of Hardin miners is expected to be completed by the end of September

Minor activation and install updates
In August, around 25,000 of Marathon’s previously installed miners, representing around 2.5 PE/s, were successfully powered and brought online. As a result, the Company’s hash rate has increased to approximately 3.2 PE/s as of August 31, 2022.

Based on current build and install schedules provided to the Company by its hosts, Marathon currently expects approximately 65,000 additional miners, or approximately 6.9 PE/s of capacity, to come online. over the next 90 days. Additionally, based on these reports, the Company continues to expect to have enough miners installed to generate approximately 23 PE/s by mid-Fiscal 2023.

Once all the miners previously purchased by Marathon are installed, around 66% of the company’s hash rate is expected to be generated by the S19 XPs, which are around 30% more power efficient than the previous generation. As a result, once fully operational, Marathon’s Bitcoin mining operations are currently expected to be among the largest and most energy efficient per terahash.

Notice to Investors
Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Section 1A of our most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on March 10, 2022. If any of these risks materialized, our business, financial condition or results of operations would likely be adversely affected. In this case, the value of our securities could fall and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones we face. Additional risks not currently known to us or that we currently deem to be immaterial may also adversely affect our business operations. Additionally, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to predict future results. Future changes in the network-wide mining difficulty rate or Bitcoin hash rate could also significantly affect the future performance of Marathon’s Bitcoin production. In addition, all discussions of financial metrics assume mining difficulty ratings as of September 2022. See “Forward-Looking Statements” below.

Forward-looking statements
Statements made in this press release include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by the use of words such as “may”, “shall”, “plan”, “should”, “expect”, “anticipate”, “estimate”, “continue” or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which cannot be accurately predicted by the Company and some of which may not even be anticipated and involve factors that could cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are encouraged to consider the factors listed above as well as the additional factors under “Risk Factors” in the company’s annual reports on Form 10. -K, which may be supplemented or modified by the company’s quarterly reports on Form 10-Q. The Company assumes no obligation to update or supplement any forward-looking statements that become untrue as a result of subsequent events, new information or otherwise.

About Marathon Digital Holdings
Marathon is a digital asset technology company focused on supporting and securing the Bitcoin ecosystem. The company is currently growing into one of the largest and most sustainable bitcoin mining operations in North America, while remaining lean.

Marathon Digital Backgrounds Company Contact:
Phone: 800-804-1690
Email: [email protected]

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