Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for July 2021
August 03 2021 - 8:15AM
Marathon Digital Holdings, Inc.
(NASDAQ:MARA) ("Marathon"
or "Company"), one of the largest enterprise Bitcoin
self-mining companies in North America, today published unaudited
bitcoin (“BTC”) production and miner installation updates for July
2021.
Corporate Highlights as of August 1, 2021
- Produced 442.2 new minted bitcoins during July 2021, increasing
total bitcoin holdings to approximately 6,225.6 with a fair market
value of approximately $260.7 million
- Cash on hand was approximately $91.9 million and total
liquidity, defined as cash and bitcoin holdings, was approximately
$352.6 million
- Received approximately 19,401 S19 Pro ASIC miners from Bitmain
year to date with an additional 4,287 S19 Pro ASIC miners currently
in transit
- Successfully completed scheduled maintenance and upgrades to
the Company’s existing mining fleet as well as the annual
inspection of facilities
- Existing mining fleet consists of 19,395 active miners
producing 2.09 EH/s
- On August 1, 2021, announced the purchase of an additional
30,000 S19j Pro miners from Bitmain, which is expected to increase
Marathon’s mining operations to approximately 133,000 miners
producing approximately 13.3 EH/s once all miners are deployed
Bitcoin Production UpdateAs of August 1, 2021,
Marathon’s mining fleet has produced approximately 1,288.3 newly
minted bitcoins during 2021. By month, the Company’s bitcoin
production was as follows:
- January 2021: 50.4 BTC
- February 2021: 43.4 BTC
- March 2021: 97.9 BTC
- April 2021: 162.1 BTC
- May 2021: 226.6 BTC
- June 2021: 265.6 BTC
- July 2021: 442.2 BTC
As a result, Marathon currently holds approximately 6,225.6 BTC,
including the 4,812.66 BTC the Company purchased in January 2021
for an average price of $31,168 per BTC. On August 1, 2021, the
fair market value of one bitcoin was approximately $41,870,
implying that the approximate fair market value of Marathon’s
current bitcoin holdings is approximately $260.7 million.
Miner Installations and Hash Rate GrowthAs of
August 1, 2021, Bitmain has delivered approximately 19,401 S19 Pro
ASIC miners to the Company’s mining facility in Hardin, MT. On
August 1, 2021, the Company announced that it purchased an
additional 30,000 S19j Pro miners from Bitmain. As a result, once
all previously purchased miners are installed, the Company’s mining
fleet is expected to consist of approximately 133,000 miners,
generating approximately 13.3 EH/s. New miners continue to be
installed on a daily basis, and based on current schedules,
Marathon anticipates all previously purchased miners to be shipped
from Bitmain by June 2022.
Management Commentary“Due predominantly to
favorable changes in the global hash rate, July proved to be an
immensely productive month for our mining operations,” said Fred
Thiel, Marathon’s CEO. “Despite our miners being offline for five
days at the end of the month to facilitate scheduled maintenance
and upgrades, as well as to accommodate a required annual
inspection of our facilities, we still increased our bitcoin
production by 66% from the prior month and produced 442.2 bitcoins
in July.
“With the scheduled maintenance now complete, we are turning our
attention back to deploying new miners and scaling our operations.
Yesterday, we announced that we purchased an additional 30,000
miners from Bitmain. As a result, we now expect our mining fleet to
consist of 133,000 miners generating 13.3 EH/s at full deployment.
As of August 1, 2021, we were producing an average of 19 bitcoins
per day, and with the new upgrades to our systems, we are in a
stronger position to effectively deploy the large number of miners
we expect to receive from Bitmain over the coming year.”
Investor Notice 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, 2020. 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 hash rate 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 August 2021. See "Safe Harbor" below.
Forward-Looking Statements Statements 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 Holdings Marathon 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: Charlie
SchumacherTelephone:
800-804-1690Email: charlie@marathondh.com
Jason Assad Telephone:
678-570-6791 Email: Jason@marathondh.com
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