Marathon Digital Holdings announces the production of Bitcoin and

LAS VEGAS, May 4, 2022 (The Globe Newswire) – Marathon Digital Holdings, Inc. (NASDAQ:Mara) (“Marathon” or “Company”)Ltd., one of North America’s largest self-mining Bitcoin mining companies, today published unaudited updates to Bitcoin (“BTC”) production and miner installation for April 2022.

Historical and potential hash rate growth based on current shipping schedules for previously purchased miners (subject to change)

Corporate Highlights as of May 1, 2022

  • Total Bitcoin holdings increased to 9,673 BTC with a fair market value of $365.5 million
  • 4,183 miners, representing approximately 0.4 EH/s, were successfully containerized at a new facility in Texas with thousands of additional miners installed and prepared for activation
  • The working mining fleet consists of 36,830 active miners producing around 3.9 EH/s with thousands of additional miners expected to be activated in May.
  • 299 self-mining bitcoins were produced during April 2022 mostly due to ongoing maintenance and downtime at the Hardin power plant, reducing potential bitcoin production for April by around 30%
  • Announcing transitional miners from a fossil fuel-powered facility in Hardin, MT during the third quarter of 2022 as part of the company’s initiative to achieve 100% carbon neutrality by the end of 2022
  • The cash in the fund was approximately $40.4 million, and the total liquidity, now defined as cash and available credit facilities, was approximately $70.4 million; The company also owns 9,673 BTC with a fair market value of $365.5 million
  • The company still expects its mining operations to be 100% carbon neutral by the end of 2022

Bitcoin production update
Year-to-date, Marathon’s mining fleet has generated 1,558 bitcoins, an increase of 340% over the same time period in the previous year. By month, the company’s bitcoin production was as follows:

Total network hash rate

*Note: Upgrades and maintenance of the Hardin, MT power plant caused Marathon’s bitcoin mining operations in Hardin, MT to run at significantly reduced capacity in November 2021, negatively impacting the company’s bitcoin production for the month. In April 2022, the company’s bitcoin production was similarly affected by the maintenance of a power plant in Hardin, Montana.

Total network hash rate source: https://www.blockchain.com/charts/hash-rate

The company last sold bitcoin on October 21, 2020, and since then it has accumulated or “pooled” all the bitcoins generated. As a result, Marathon currently owns approximately 9,673 BTC, including bitcoin purchased in January 2021 at an average price of $31,168 per BTC. On April 30, 2022, the fair market value of one Bitcoin was about $37,715, which means that the approximate fair market value of the current Bitcoin Marathon holdings is about $365.5 million.

Miners facilities and hash rate growth
In April, weather and maintenance issues caused the power plant in Hardin, MT to operate below normal levels, reducing potential Bitcoin production by nearly 30% during the month. As revealed on April 5, Marathon intends to move miners from Hardin to more sustainable energy sources in phases during the third quarter of 2022.

During April, nearly 4,200 Marathon miners, awaiting activation, were successfully installed in containers at one of the new Compute North facilities in Texas. These miners were originally scheduled to activate on April 17, increasing Marathon’s hash rate by about 0.4 EH/s, or 11%, from the previous month. As the company’s power supply requires additional third-party approval, the activation of Marathon miners has been rescheduled to May. Currently, the company does not expect this process to affect future deployments of miners.

As the company’s power provider finishes activating, construction of Compute North’s first major facility in Texas continues at an accelerated pace and thousands of other miners are being installed and prepared to supply power. Given the current construction and deployment schedule, Marathon continues to expect all 199,000 miners to deploy around 23.3 EH/s by early 2023. Additionally, the company still expects its mining operations to be 100% carbon neutral by the end of 2022.

management comment
Fred Thiel, Marathon, said: “In April, we increased our bitcoin holdings to 9,673 BTC as we successfully installed approximately 4,200 miners into containers, and made significant progress in addressing some of the regulatory and permitting challenges related to breaking the mold when posting behind the counter. .” Chairman and CEO of the company. “Ongoing maintenance issues at a power plant in Montana caused bitcoin production to drop about 30% in April. As we announced in April, we will phase our miners out of Hardin to reduce downtime and move them to more sustainable energy sources during the third quarter.”

“In April, approximately 4,200 containerized miners were successfully installed at one of the new Compute North facilities in Texas. These miners were originally scheduled to be activated on April 17, which could increase our hash rate by about 11% over the course of the year. Month.However, we experienced some friction in April as our energy partner requested additional third-party approval to activate our installed miners.Encouragingly, we expect this issue to be resolved early this month, and do not expect it to affect future deployments.

“While the power provider has been working through this process, construction of the Compute North facilities has continued unimpeded, and thousands of other miners are currently being installed and prepared for activation. Based on what we know today about the pace of construction and deployment, we believe we may have outgrown our miners backlog. And we’re fully back on track with deployments before the end of this year.Given the progress we made earlier this year in breaking the mold in behind-the-counter spread and the unique benefits we’re maintaining from our asset-light model, we’re cautiously optimistic that we’re still on track to achieve 23.3 exahash in early next year.”

Webcast and Conference Call Q1 2022
Marathon Digital Holdings will hold a webcast and conference call today at 4:30 PM ET to discuss its financial results for the quarter ending March 31, 2022, which will be published in a press release prior to the call. To register to participate in the conference call, or to listen to the live audio broadcast over the web, please use this link. The broadcast will also be broadcast live online and available for replay via the investor relations section of the company’s website ir.marathondh.com.

Date: Today May 4, 2022
Time: 4:30 p.m. ET (1:30 p.m. PT)
Registration link: LINK

If you are having any difficulty connecting to the conference call, please contact the Marathon Investor Relations team at ir@marathondh.com.

Investor Notice
Investing in our securities involves a high level of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Clause 1A of our most recent annual report on Form 10-K for the fiscal year ending December 31, 2021, filed with the Securities and Exchange Commission at March 10, 2022. If any of these risks occur, it is likely that our business, financial condition or results of operations will be 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 that are not currently known to us or that we currently consider to be immaterial may 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 results. Future changes to the network-level mining difficulty rate or Bitcoin hash rate could materially affect the future performance of Bitcoin Marathon production. Additionally, all financial metrics discussions assume mining difficulty rates as of May 2, 2022. Total network hash rate data is calculated from an external source, available here: https://www.blockchain.com/charts/ hashrate. Data from external sources has not been independently verified. 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 Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified using words such as “may,” “will,” Planning”, “should”, “expect”, “expect”, “estimate”, “communicate”, or comparable terms. These forward-looking statements are by their nature subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company may not anticipate, and include factors that could cause actual results to differ materially from those expected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the above factors together with additional factors under the heading “Risk Factors” in the Company’s annual reports on Form 10-K, as may be supplemented or modified by the Company’s quarterly reports at Form 10-Q. The Company assumes no obligation to update or supplement forward-looking statements that become incorrect due to subsequent events, new information or otherwise.

About Marathon Digital Holdings
Marathon is a bitcoin mining digital asset technology company with a focus on the blockchain ecosystem and digital asset generation.

Contact Marathon Digital Holdings:
Tel: 800-804-1690
Email: ir@marathondh.com

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