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LAS VEGAS, Might 04, 2022 (GLOBE NEWSWIRE) — Marathon Digital Holdings, Inc. (NASDAQ:MARA) (“Marathon” or “Firm”), one of many largest enterprise Bitcoin self-mining corporations in North America, right this moment revealed unaudited bitcoin (“BTC”) manufacturing and miner set up updates for April 2022.
Historic and Potential Hash Fee Progress Based mostly on Present Cargo Schedules of Beforehand Bought Miners (Topic to Change)
Company Highlights as of Might 1, 2022
- Elevated complete bitcoin holdings to 9,673 BTC with a good market worth of $365.5 million
- Efficiently put in 4,183 miners, representing roughly 0.4 EH/s, in containers at new facility in Texas with hundreds of extra miners being put in and ready for energization
- Working mining fleet consists of 36,830 lively miners producing roughly 3.9 EH/s with hundreds of extra miners anticipated to be energized in Might
- Produced 299 self-mined bitcoin throughout April 2022 predominantly because of ongoing upkeep and downtime on the energy plant in Hardin, MT lowering April’s potential bitcoin manufacturing by roughly 30%
- Introduced staged transition miners from fossil gas powered facility in Hardin, MT throughout the third quarter of 2022 as a part of the Firm’s initiative to realize 100% carbon neutrality by year-end 2022
- Money readily available was roughly $40.4 million and complete liquidity, now outlined as money and accessible credit score amenities, was roughly $70.4 million; the Firm additionally holds 9,673 BTC with a good market worth of $365.5 million
- The Firm continues to count on its mining operations to be 100% carbon impartial by the tip of 2022
Bitcoin Manufacturing Replace
12 months-to-date, Marathon’s mining fleet has produced 1,558 bitcoin, a 340% enhance over the identical time interval within the prior yr. By month, the Firm’s bitcoin manufacturing was as follows:
*Be aware: Upgrades and upkeep to the ability producing station in Hardin, MT prompted Marathon’s bitcoin mining operations in Hardin, MT to function at considerably lowered capability in November 2021, negatively impacting the Firm’s bitcoin manufacturing for the month. In April 2022, the Firm’s bitcoin manufacturing was equally impacted by upkeep to the ability producing station in Hardin, MT.
Whole Community Hash Fee Supply: https://www.blockchain.com/charts/hash-rate
The Firm final offered bitcoin on October 21, 2020, and since then, has been accumulating or “hodling” all bitcoin generated. Consequently, Marathon at the moment holds roughly 9,673 BTC, together with the bitcoin bought in January 2021 for a median value of $31,168 per BTC. On April 30, 2022, the truthful market worth of 1 bitcoin was roughly $37,715, implying that the approximate truthful market worth of Marathon’s present bitcoin holdings is roughly $365.5 million.
Miner Installations and Hash Fee Progress
In April, climate and upkeep points prompted the ability producing station in Hardin, MT to function beneath regular ranges, lowering Marathon’s potential bitcoin manufacturing by roughly 30% throughout the month. As disclosed on April 5, Marathon intends to relocate its miners from Hardin to extra sustainable sources of energy in phases throughout the third quarter of 2022.
Throughout April, roughly 4,200 of Marathon’s miners had been efficiently put in, pending energization, in containers at one in every of Compute North’s new amenities in Texas. These miners had been initially scheduled to be energized on April 17, growing Marathon’s hash charge by roughly 0.4 EH/s, or 11%, from the prior month. As a result of Firm’s power supplier requiring extra consent from a third-party, the energization of Marathon’s miners was rescheduled to the month of Might. Presently, the Firm doesn’t count on this course of to affect future deployments of miners.
Because the Firm’s energy supplier finalizes the energization course of, development of Compute North’s first main facility in Texas has continued at tempo and hundreds of extra miners are being put in and ready for energization. Given the present development and deployment schedule, Marathon continues to count on all 199,000 miners, producing roughly 23.3 EH/s, to be deployed by early 2023. Moreover, the Firm continues to count on its mining operations to be 100% carbon impartial by the tip of 2022.
Administration Commentary
“In April, we grew our bitcoin holdings to 9,673 BTC as we efficiently put in practically 4,200 miners in containers and made substantial progress addressing among the regulatory and allowing challenges associated to breaking the mildew on deploying behind the meter,” stated Fred Thiel, Marathon’s chairman and CEO. “Ongoing upkeep points on the energy producing station in Montana prompted our bitcoin manufacturing to dip by roughly 30% in April. As we introduced in April, we will probably be transitioning our miners out of Hardin in phases to reduce downtime and shifting them to extra sustainable sources of energy throughout the third quarter.
“In April, roughly 4,200 miners had been efficiently put in in containers at one in every of Compute North’s new amenities in Texas. These miners had been initially scheduled to be energized on April 17, which might have elevated our hash charge by roughly 11% throughout the month. Nevertheless, we encountered some friction in April as our power accomplice required the extra consent of a third-party to energise our put in miners. Encouragingly, we count on this matter to be resolved early this month, and we don’t anticipate it impacting future deployments.
“Whereas the ability supplier was working by way of this course of, development of Compute North’s amenities continued unimpaired and hundreds of extra miners are at the moment being put in and ready for energization. Based mostly on what we all know right this moment in regards to the tempo of development and deployment, we imagine we could also be by way of our backlog of miners and absolutely again on observe with deployments earlier than the tip of this yr. Given the progress we’ve made at the beginning of this yr breaking the mildew on deploying behind the meter and the distinctive benefits we preserve from our asset mild mannequin, we’re cautiously optimistic that we’re nonetheless on tempo to realize 23.3 exahash early subsequent yr.”
First Quarter 2022 Earnings Webcast and Convention Name
Marathon Digital Holdings will maintain a webcast and convention name right this moment at 4:30 p.m. Japanese time to debate its monetary outcomes for the quarter ended March 31, 2022, which will probably be revealed in a press launch previous to the decision. To register to take part within the convention name, or to take heed to the dwell audio webcast, please use this link. The webcast may also be broadcast dwell and accessible for replay by way of the investor relations part of the Firm’s web site at ir.marathondh.com.
Date: At present, Might 4, 2022
Time: 4:30 p.m. Japanese time (1:30 p.m. Pacific time)
Registration hyperlink: LINK
When you have any issue connecting with the convention name, please contact Marathon’s investor relations group at ir@marathondh.com.
Investor Discover
Investing in our securities entails a excessive diploma of danger. Earlier than investing determination, it’s best to rigorously contemplate the dangers, uncertainties and forward-looking statements described underneath “Danger Elements” in Merchandise 1A of our most up-to-date Annual Report on Kind 10-Okay for the fiscal yr ended December 31, 2021, filed with the SEC on March 10, 2022. If any of those dangers had been to happen, our enterprise, monetary situation or outcomes of operations would probably endure. In that occasion, the worth of our securities might decline, and you can lose half or your entire funding. The dangers and uncertainties we describe will not be the one ones going through us. Further dangers not presently identified to us or that we at the moment deem immaterial can also impair our enterprise operations. As well as, our previous monetary efficiency might not be a dependable indicator of future efficiency, and historic tendencies shouldn’t be used to anticipate outcomes sooner or later. Future adjustments within the network-wide mining issue charge or Bitcoin hash charge can also materially have an effect on the longer term efficiency of Marathon’s manufacturing of bitcoin. Moreover, all discussions of monetary metrics assume mining issue charges as of Might 2, 2022. The entire community’s hash charge information is calculated from a third-party supply, which is offered right here: https://www.blockchain.com/charts/hash-rate. Information from third-party sources has not been independently verified. See “Ahead-Trying Statements” beneath.
Ahead-Trying Statements
Statements made on this press launch embody forward-looking statements throughout the which means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Change Act of 1934. Ahead-looking statements may be recognized by way of phrases equivalent to “could,” “will,” “plan,” “ought to,” “count on,” “anticipate,” “estimate,” “proceed,” or comparable terminology. Such forward-looking statements are inherently topic to sure dangers, tendencies and uncertainties, lots of which the Firm can’t predict with accuracy and a few of which the Firm won’t even anticipate and contain elements which will trigger precise outcomes to vary materially from these projected or urged. Readers are cautioned to not place undue reliance on these forward-looking statements and are suggested to contemplate the elements listed above along with the extra elements underneath the heading “Danger Elements” within the Firm’s Annual Experiences on Kind 10-Okay, as could also be supplemented or amended by the Firm’s Quarterly Experiences on Kind 10-Q. The Firm assumes no obligation to replace or complement forward-looking statements that develop into unfaithful due to subsequent occasions, new info or in any other case.
About Marathon Digital Holdings
Marathon is a digital asset expertise firm that mines bitcoin with a concentrate on the blockchain ecosystem and the era of digital property.
Marathon Digital Holdings Firm Contact:
Phone: 800-804-1690
E mail: ir@marathondh.com
Pictures accompanying this announcement can be found at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/6cc30477-f3f7-4706-8abe-1cbaf979185f
https://www.globenewswire.com/NewsRoom/AttachmentNg/5b7917f9-6edb-4658-95e7-d9f49d2cece4
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