Marathon Digital Holdings’ Bitcoin Mining Fleet To Reach 23.3 Exahash after Latest Purchase of BITMAIN’s ANTMINER S19 XP
December 23 2021 - 2:00PM
Marathon Digital Holdings, Inc.
(NASDAQ: MARA)
("Marathon" or "Company"), one of the largest enterprise
Bitcoin self-mining companies in North America, has entered into a
contract with BITMAIN to purchase a record number of ANTMINER S19
XP (140 TH/s) bitcoin miners.
Based on current delivery schedules, Marathon anticipates all
newly purchased miners to ship from BITMAIN between July 2022 and
December 2022. In conjunction with this purchase, Marathon will be
upgrading a portion of its mining fleet with the latest mining
hardware to increase the overall efficiency of the Company’s
operations. As a result, the Company’s mining operations are now
expected to consist of approximately 199,000 bitcoin miners
producing approximately 23.3 EH/s, making Marathon one of the
largest known publicly traded bitcoin miners in the world once all
miners are fully deployed and operational.
“Given the strength of our balance sheet and our asset-light
model, which allows us to invest our capital into mining machines
rather than infrastructure, we were uniquely positioned to place
the largest single order of S19 XPs, in terms of total hash rate,
BITMAIN has ever received,” said Fred Thiel, Marathon’s CEO. “With
this latest purchase of S19 XPs, we will be growing our Bitcoin
mining operations to approximately 199,000 total miners and 23.3
EH/s by early 2023. This growth represents more than a 600%
increase from our current hash rate and a 75% increase from our
prior projection of 13.3 EH/s by the middle of 2022.”
“With 23.3 EH/s of total capacity expected to be online in early
2023 and ample access to renewable power behind the meter with one
of the largest renewable energy providers in North America, we
believe we have established Marathon as one of the leading bitcoin
miners in North America and potentially the largest known miner in
the world. We would like to thank the team at BITMAIN for helping
us realize this objective.”
BITMAIN commented, “Marathon continues to be one of BITMAIN’s
most important clients. We are pleased to again support their
progress with this order for our S19 XPs, which are among the most
powerful and efficient bitcoin miners available today. We look
forward to continuing our working relationship with Marathon.”
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 December 2021. The total network’s hash rate data is calculated
from a third-party source, which is available here:
https://www.blockchain.com/charts/hash-rate. Data from third-party
sources has not been independently verified. 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
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