Marathon Digital Holdings Announces Bitcoin Production and Mining Updates for August 2022
About 25,000 miners (about 2.5 EH/s) get energized in August as Bitcoin production improves to 184 BTC
LAS VEGAS, Sept. 6, 2022 (GLOBE NEWSWIRE) — Marathon Digital Holdings, Inc. (NASDAQ: MARA) (“Marathon” or “Company”)a leader in supporting and securing the Bitcoin ecosystem, today published unaudited bitcoin (“BTC”) production and mining installation updates for August 2022.
Management commentary
“In August, we continued to install and power miners with our hosting providers, increase our hash rate and steadily improve our bitcoin production,” said Fred Thiel, Marathon’s chairman and CEO. “During the month, approximately 25,000 of our previously installed miners were activated, increasing our hash rate back to approximately 3.2 exahashes per second with our operational mining fleet of approximately 34,000 miners as of August 31. As a result, we produced 184 BTC in August.
“Our hosting providers have continued to install miners at 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, online at multiple facilities over the next 90 With installations and the construction of new facilities progressing, these operational advances give us confidence that we are on track to meet our primary target of approximately 23 exahashes per second of capacity near mid-2023, when Marathon’s operations are not expected to just being among the largest, but among the most energy efficient on a per terahash basis.”
August 2022 and recent highlights
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The operational mining fleet consists of approx. 34,000 active miners, who produce approx. 3.2 EH/s, after approx. 25,000 miners (approx. 2.5 EH/s) have received power in August
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About 65,000 additional miners (about 6.9 EH/s) are expected to be energized in the next 90 days
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Produced 184 bitcoin in August 2022; this year through August 31, 2022, produced 2,222 bitcoins, a 26% increase over the same time period the previous year
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Take advantage of a downward market price adjustment for the S19 XPs due to ship in September; benefits from price adjustments expected to continue as additional XP ships in the October – December period
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Total bitcoin holdings increased to 10,311 BTC with a fair market value of $206.7 million as of August 31, 2022
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Unlimited bitcoin holdings were approximately 6,483 BTC with a fair market value of approximately $130.0 million
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Unrestricted cash balance was approximately $71.4 million as of August 31, 2022
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Previously announced exit from the Hardin, MT facility along with resale and/or relocations of Hardin miners is expected to be completed by the end of September
Updates for mining and installations
In August, approx. 25,000 of Marathon’s previously installed miners, representing approx. 2.5 EH/s, successfully energized and brought online. As a result, the company’s hashrate increased to approximately 3.2 EH/s as of August 31, 2022.
Based on the current construction and installation plans provided to the Company by its host suppliers, Marathon currently expects that approx. 65,000 additional miners, or approx. 6.9 EH/s capacity, will be brought online within the next 90 days. Additionally, based on these reports, the company continues to expect to have enough miners installed to generate approximately 23 EH/s near the middle of fiscal year 2023.
Once all of Marathon’s previously purchased miners are installed, approximately 66% of the company’s hash rate is expected to be generated by S19 XPs, which are approximately 30% more energy efficient than the previous generation. As a result, when fully operational, Marathon’s Bitcoin mining operations are currently expected to be among the largest and most energy efficient on a per terahash basis.
Investor announcement
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 Item 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 were to occur, our business, financial condition or results of operations would likely suffer. If so, the value of our securities may decline and you may lose part or all of your investment. The risks and uncertainties we describe are not the only ones we face. Additional risks that are not currently known to us or that we currently consider to be immaterial could also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to predict future performance. Future changes in network-wide mining difficulty or Bitcoin hashrate could also materially affect the future performance of Marathon’s bitcoin production. In addition, all discussions of financial calculations assume mining difficulty rates as of September 2022. See “Forward-Looking Statements” below.
Forward-looking statements
Statements 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,” “will,” “plan “, “should”, “expect”, “anticipate”, “estimate”, “continue” or similar terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company may not even anticipate and which involve factors that could cause actual results to differ materially from those projected or proposed. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading “Risk Factors” in the Company’s Annual Reports on Form 10-K, which may be supplemented. or amended by the company’s quarterly reports on Form 10-Q. The company undertakes no obligation to update or supplement 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 becoming one of the largest and most sustainably operated Bitcoin mining operations in North America while still being easily accessible.
Marathon Digital Holdings Company Consult:
Phone: 800-804-1690
Email: [email protected]
