Marathon Digital Holdings Announces February 2023 Bitcoin Production and Mining Updates

– Increased hash rate by 30% by providing energy to approx. 18,800 Bitcoin Miners (approx. 2.2 EH/s) in February 2023

– Produced 683 BTC in February 2023 and 1370 BTC quarter-to-date

– Increased unlimited cash to $219.7 million and increased unlimited Bitcoin holdings to 8260 BTC (approx. $191.2 million)

FORT LAUDERDALE, Fla., March 02, 2023 (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 February 2023.

Management commentary
“We successfully powered nearly 19,000 Bitcoin miners across multiple facilities in February, with over 8,000 of those units consisting of S19 XPs,” said Fred Thiel, Marathon’s Chairman and CEO. “During the month we increased our hash rate to 9.5 exahashes, a 30% increase from last month. We also increased our average bitcoin produced per day by 10% compared to January, producing 683 bitcoin in February.

“We chose to sell 650 bitcoin this month to offset operating expenses and for general corporate purposes. Even with these sales, we increased our unrestricted bitcoin holdings from 8,090 bitcoin as of January 31, 2023 to 8,260 bitcoin, valued at $191.2 million per February 28, 2023. In addition, we increased our unrestricted cash to $219.7 million.

“To continue to advance our operations and improve efficiency, our primary focus this year is to power more miners and to optimize fleet performance. We remain confident in our ability to scale Marathon into one of the largest and most energy efficient Bitcoin -mining operations globally by installing approximately 23 exahashes of computing power near mid-2023.”

Operational highlights and updates

Figure 1: Operational highlights

In February, approximately 18,800 of Marathon’s Bitcoin miners (approx. 2.2 EH/s) were activated across multiple sites, including 3,900 S19 XPs (approx. 0.5 EH/s) in Granbury, TX (Wolf Hollow ) and 3,800 S19 XPs (about 0.5 EH/s) in Jamestown, ND. As a result, the company’s operating fleet increased to approximately 90,000 Bitcoin miners, theoretically capable of producing approximately 9.5 EH/s, according to manufacturer specifications, as of March 1, 2023.

The story continues

During February, the installation of Marathon’s miners at Applied Digital’s facility in Garden City, TX was completed. Additionally, approximately 4,100 of Marathon’s S19 XPs were installed at Applied Digital’s facility in Ellendale, ND, during the month.

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 of mining rigs. The company still expects to have approximately 23 EH/s of capacity installed near mid-2023.

Financial highlights and updates

Figure 3: Financial highlights

In February, the company chose to sell 650 BTC, and as a result, Marathon has a total of 11,392 BTC, of ​​which approx. 8,260 BTC (approx. $191.2 million) is uncapped as of February 28, 2023. As previously indicated in previous press releases, Marathon may continue to sell a portion of its bitcoin holdings in future periods to support monthly operations, manage its treasury or for general corporate purposes. The company ended the month with $219.7 million in unrestricted cash on hand.

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, 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 March 2023. 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 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 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.

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