Marathon Digital Holdings Introduces Anduro, a New Multi-Chain Bitcoin Layer-Two Network
February 28 2024 - 4:05PM
Marathon Digital Holdings, Inc.
(NASDAQ:MARA) ("Marathon"
or "Company"), a leader in supporting and securing the
Bitcoin ecosystem, today revealed Anduro, a new multi-chain
layer-two network on Bitcoin aimed at accelerating Bitcoin
development and adoption.
While Bitcoin’s decentralization, security, and
popularity can be appealing for blockchain developers, the
network’s current functionality can pose challenges for developers
who are looking to scale their blockchain applications. To
encourage Bitcoin development and adoption, Marathon has been
incubating Anduro, a new programmable layer-two network on Bitcoin.
Anduro aims to serve as an application layer while strengthening
the underlying incentives behind Bitcoin’s Proof-of-Work.
Anduro is a platform built on the Bitcoin
network that allows for the creation of multiple sidechains,
providing a new avenue for innovation within the Bitcoin ecosystem.
While Marathon has helped incubate Anduro, the network is intended
to be community-led and community-driven. The network is designed
to systematically integrate decentralized governance, with a focus
on becoming the most reliable, developer-centric Bitcoin
layer-two.
Marathon is already developing the first two
sidechains on Anduro, Coordinate and Alys, which can be further
developed by open-source contributors. These chains demonstrate
Anduro’s flexible programmability. Coordinate offers a
cost-effective UTXO stack for the Ordinals community, whereas Alys
is an Ethereum-compatible chain for institutional asset
tokenization.
Anduro’s sidechains utilize a process called
merge-mining. Participating miners, like Marathon, may be able to
earn Bitcoin-denominated revenue from transactions that occur on
Anduro’s sidechains while continuing to mine bitcoin on the
base-layer uninterruptedly.
“As the largest publicly traded Bitcoin miner
working to process Bitcoin transactions and secure the network,
Marathon has a vested interest in supporting innovation on the
Bitcoin ecosystem, which includes incubating projects like Anduro,"
said Fred Thiel, Marathon’s Chairman and CEO. "For one, it adds to
Marathon's growing technology stack by potentially introducing a
new source of fee revenue. Beyond that, by extending the
functionality of Bitcoin, Anduro may be able to increase Bitcoin’s
adoption, and if Bitcoin flourishes, so do we.
“We believe in testing, iterating, and letting
the market decide what ideas succeed. We believe Anduro is one of
those ideas that provides value to Bitcoin holders and application
developers, all while reinforcing the long-run sustainability of
Bitcoin’s Proof-of-Work.”
To read the litepaper and learn more about
current and future sidechain contributions, visit anduro.io.
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, 2022, filed with the SEC on March 16, 2023. 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 February
2024. 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.
For more information, visit www.mara.com, or
follow us on:
Twitter: @MarathonDHLinkedIn:
www.linkedin.com/company/marathon-digital-holdingsFacebook:
www.facebook.com/MarathonDigitalHoldingsInstagram:
@marathondigitalholdings
Marathon Digital
Holdings Company Contact:
Telephone: 800-804-1690Email: ir@mara.com
Marathon Digital Holdings Media
Contact:Email: marathon@wachsman.com
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