Applied Blockchain Secures 200-Megawatt Five-Year Hosting Contract with Marathon Digital Holdings
July 18 2022 - 4:05PM
Applied Blockchain, Inc. (Nasdaq:
APLD) ("Applied Blockchain" or the
"Company") has entered into a five-year hosting contract
with Marathon Digital Holdings, Inc. (Nasdaq: MARA) (“Marathon”)
for 200-Megawatts (“MW”) of Bitcoin mining capacity. The Company
will provide comprehensive hosting services for Marathon’s Bitcoin
miners at Applied Blockchain’s owned and operated co-hosting
datacenters.
“Partnering with Marathon, one of the largest
Bitcoin miners in the industry, represents a significant step
forward in Applied Blockchain’s growth trajectory. The multi-year
agreement validates our capabilities as a best-in-class co-hosting
datacenter operator. We are continuing to grow our contracted
hosting capacity, which provides predictable revenue over a
multi-year time frame,” said Applied Blockchain Chairman and CEO
Wes Cummins. “Additionally, demand for our hosting services remains
robust despite the volatility in the cryptocurrency markets, giving
us continued confidence in the growth potential of our business for
fiscal 2023 and beyond.”
“This new agreement with Applied Blockchain is
instrumental in helping us achieve our target of 23.3 exahashes per
second of compute power for Bitcoin mining in 2023," said Fred
Thiel, Marathon’s chairman and CEO. "Wes and his team have proven
themselves to be capable builders and operators of large-scale
datacenters. Their expertise in hosting and mining operations
complements our asset-light strategy, freeing up resources and
allowing us to efficiently scale Marathon as one the leading
Bitcoin mining companies in North America. We look forward to
working alongside Applied Blockchain to install miners and achieve
our growth targets.”
About Applied BlockchainApplied
Blockchain, Inc. (Nasdaq: APLD) is a builder and operator of
next-generation data centers across North America, which provide
substantial compute power to blockchain infrastructure and support
Bitcoin mining. The Company has partnered with some of the most
recognized names in the industry to develop, deploy, and scale its
business. Find more information at www.appliedblockchaininc.com.
Follow us on Twitter at @APLDBlockchain.
About Marathon Digital Holdings
Marathon is a digital asset technology company that focuses on
supporting and securing the Bitcoin ecosystem. The Company is
currently in the process of becoming one of the largest and most
sustainably powered Bitcoin mining operations in North America,
while remaining asset light.
Forward-Looking StatementsThis
release contains "forward-looking statements" as defined in the
Private Securities Litigation Reform Act of 1995 regarding, among
other things, future operating and financial performance, product
development, market position, business strategy and objectives.
These statements use words, and variations of words, such as
"continue," "build," "future," "increase," "drive," "believe,"
"look," "ahead," "confident," "deliver," "outlook," "expect," and
"predict." Other examples of forward-looking statements may
include, but are not limited to, (i) statements of Company plans
and objectives, including our evolving business model, or estimates
or predictions of actions by suppliers, (ii) statements of future
economic performance, and (iii) statements of assumptions
underlying other statements and statements about the Company or its
business. You are cautioned not to rely on these forward-looking
statements. These statements are based on current expectations of
future events and thus are inherently subject to uncertainty. If
underlying assumptions prove inaccurate or known or unknown risks
or uncertainties materialize, actual results could vary materially
from the Company's expectations and projections. These risks,
uncertainties, and other factors include: decline in demand for our
products and services; the volatility of the crypto asset industry;
the inability to comply with developments and changes in
regulation; cash flow and access to capital; and maintenance of
third party relationships. Information in this release is as of the
dates and time periods indicated herein, and the Company does not
undertake to update any of the information contained in these
materials, except as required by law.
Applied Blockchain Investor Relations
ContactsJeff Grampp, CFA or Matt Glover Gateway Group,
Inc.(949) 574-3860APLD@gatewayir.com
Applied Blockchain Media ContactCatherine
Adcock Gateway Group, Inc.(949) 574-3860APLD@gatewayir.com
Marathon Digital Holdings Company Contact(800)
804-1690ir@marathondh.com
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