Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for August 2022
September 06 2022 - 4:05PM
Marathon Digital Holdings, Inc.
(NASDAQ:MARA) ("Marathon" or
"Company"), a leader in supporting and securing the
Bitcoin ecosystem, today published unaudited bitcoin (“BTC”)
production and miner installation updates for August 2022.
Management Commentary“In August, we continued
to install and energize miners with our hosting providers,
increasing our hash rate and steadily improving our bitcoin
production,” said Fred Thiel, Marathon’s chairman and CEO. “During
the month, approximately 25,000 of our previously installed miners
were successfully energized, increasing our hash rate back to
approximately 3.2 exahashes per second with our operating mining
fleet consisting of approximately 34,000 miners as of August 31. As
a result, we produced 184 BTC in August.
"Our hosting providers have continued to install miners at
multiple locations. Based on their latest reports, we expect to
have approximately 65,000 additional miners, or approximately 6.9
exahashes per second of capacity, brought online at multiple
facilities over the next 90 days. With installations and
construction of new facilities progressing, these operational
advances provide us with confidence that we are on pace to reach
our primary target of approximately 23 exahashes per second of
capacity near the middle of 2023, at which point, Marathon’s
operations are expected to be not only among the largest, but among
the most energy efficient on a per terahash basis.”
August 2022 and Recent Highlights
- Operating mining fleet consists of approximately 34,000 active
miners, producing approximately 3.2 EH/s, after approximately
25,000 miners (c. 2.5 EH/s) are successfully energized in
August
- Approximately 65,000 additional miners (c. 6.9 EH/s) are
expected to be energized over the next 90 days
- Produced 184 bitcoin in August 2022; year-to-date through
August 31, 2022, produced 2,222 bitcoin, a 26% increase over the
same time period in the prior year
- Benefitted from a downward market price adjustment for the S19
XPs set to ship in September; benefits from price adjustments
expected to continue as additional XPs are shipped in the October –
December timeframe
- Total bitcoin holdings increased to 10,311 BTC with a fair
market value of $206.7 million as of August 31, 2022
- Unrestricted bitcoin holdings were approximately 6,483 BTC with
a fair market value of approximately $130.0 million
- Unrestricted cash on hand was approximately $71.4 million at
August 31, 2022
- Previously announced exit from Hardin, MT facility along with
the resales and/or redeployments of Hardin miners are expected to
be completed by the end of September
Miner Energization and Installations UpdatesIn
August, approximately 25,000 of Marathon’s previously installed
miners, representing approximately 2.5 EH/s, were successfully
energized and brought online. As a result, the Company’s hash rate
increased to approximately 3.2 EH/s as of August 31, 2022.
Based on current construction and installation schedules
provided to the Company by its hosting providers, Marathon
currently expects for approximately 65,000 additional miners, or
approximately 6.9 EH/s of capacity, to be brought online over the
next 90 days. Additionally, based on these reports, the Company
continues to expect to have enough miners installed to generate
approximately 23 EH/s near the middle of fiscal year 2023.
Once all of Marathon’s previously purchased miners are
installed, approximately 66% of the Company’s hash rate is expected
to be generated by S19 XPs, which are approximately 30% more energy
efficient than the prior generation. As a result, once fully
operational, Marathon’s Bitcoin mining operations are currently
expected to be among the largest and most energy efficient on a per
terahash basis.
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, 2021, filed with the
SEC on March 10, 2022. 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 September
2022. See "Forward-Looking Statements" 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 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.
Marathon Digital
Holdings Company Contact: Telephone:
800-804-1690Email: ir@marathondh.com
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