Marathon’s Bitcoin Mining Fleet to Produce Approximately 1.4 EH/s by the End of March
March 04 2021 - 4:00PM
Marathon Digital Holdings, Inc.
(NASDAQ:MARA) ("Marathon"
or "Company"), one of the largest enterprise Bitcoin
self-mining companies in North America, today announced that the
Company’s mining fleet will produce approximately 1.4 EH/s (exahash
per second) by the end of March.
On February 1, 2021, Marathon announced that Bitmain had shipped
approximately 4,000 S-19 Pro ASIC miners to the Company’s mining
facility in Hardin, MT, all of which were delivered as
scheduled.
In addition to the initial 4,000 miners delivered to the Hardin
facility in February, Bitmain recently shipped another 6,300 miners
to Hardin. A portion of this new shipment has already been received
and installations are progressing. Marathon expects all 10,300
miners to be installed by the end of March, at which point the
Company’s mining fleet will consist of 12,920 miners generating
approximately 1.4 EH/s.
“Last month, we received the first of several major shipments
scheduled to be delivered in 2021 from Bitmain,” said Merrick
Okamoto, Marathon’s chairman and CEO. “That delivery marked the
genesis of what will be a transformative year for our business as
we significantly increase the size of our mining fleet and
expand our operations. We are very encouraged that the initial
4,000 Bitmain miners were delivered on time to our Hardin facility
and that the next tranche of 6,300 miners was also shipped as
scheduled. An additional 4,800 miners are set to be shipped to us
in April, and we look forward to continuing to build out our mining
operations and scale the business as projected.”
Investor NoticeInvesting 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, 2019. If any of these risks were to
occur, our business, financial condition or results of operations
would likely suffer. In that event, the value of our securities
could decline and you could lose part or all of your investment.
The risks and uncertainties we describe are not the only ones
facing us. Additional risks not presently known to us or that we
currently deem immaterial may 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 anticipate results in the future. Future changes in the
network-wide mining difficulty rate or Bitcoin hashrate may also
materially affect the future performance of Marathon's production
of Bitcoin. Additionally, all discussions of financial metrics
assume mining difficulty rates as of March 2021. See "Safe Harbor"
below.
Forward-Looking StatementsStatements 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,” “will,” “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 the Company cannot predict
with accuracy and some of which the Company might not even
anticipate and involve factors that may 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 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, as may be
supplemented or amended by the Company's Quarterly Reports on Form
10-Q. The Company assumes no obligation to update or supplement
forward-looking statements that become untrue because of subsequent
events, new information or otherwise.
About Marathon Digital HoldingsMarathon is a
digital asset technology company that mines cryptocurrencies with a
focus on the blockchain ecosystem and the generation of digital
assets.
Marathon Digital
Holdings Company Contact:Jason AssadTelephone:
678-570-6791Email: Jason@marathonpg.com
Marathon Digital Holdings Investor
Contact:Gateway Investor RelationsMatt Glover and Charlie
SchumacherTelephone:
949-574-3860Email: MARA@gatewayir.com
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