Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for April 2021
May 03 2021 - 4:00PM
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 April
2021.
Corporate Highlights as of May 1, 2021
- Produced 162.1 new minted bitcoins during April 2021,
increasing total bitcoin holdings to approximately 5,292 with a
fair market value of approximately $305.2 million
- Cash on hand was
approximately $204.4 million and total liquidity, defined as cash
and bitcoin holdings, was approximately $509.6 million
- Received approximately 13,032 S-19 Pro ASIC miners from Bitmain
year to date with an additional 3,885 S-19 Pro ASIC miners
currently in transit
- Increased active mining fleet to approximately 12,084 miners,
generating approximately 1.29 EH/s
Bitcoin Production UpdateAs of May 1, 2021,
Marathon’s mining fleet has produced approximately 354 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
As a result, Marathon currently holds approximately 5,292 BTC,
including the 4,812.66 BTC the Company purchased in January 2021
for an average price of $31,168 per BTC. On May 1, 2021, the fair
market value of one bitcoin was approximately $57,678, implying
that the approximate fair market value of Marathon’s current
bitcoin holdings is approximately $305.2 million.
Miner Installations and Hash Rate GrowthAs of
May 1, 2021, Bitmain has delivered approximately 13,032 S-19 Pro
ASIC miners to the Company’s mining facility in Hardin, MT, all of
which were delivered on time and as scheduled. During the month of
April, Marathon installed 5,288 new miners, increasing the
Company’s active mining fleet to approximately 12,084 miners,
generating approximately 1.29 EH/s.
New miners continue to be installed on a daily basis. Based on
current delivery and installation schedules, Marathon continues to
expect all previously purchased miners to be fully installed by the
end of the first quarter of 2022, at which point, the Company’s
mining fleet will consist of approximately 103,120 miners,
generating approximately 10.37 EH/s.
Management Commentary“April was an incredibly
productive month as we brought 5,288 new miners online and
increased our active mining fleet’s hashrate approximately 82% in
just 30 days,” said Fred Thiel, Marathon’s CEO. “As a result, by
the end of April, we were producing nearly 7 bitcoins per day, up
from 3.2 bitcoins per day at the end of March. New miners continue
to be delivered and installed on a daily basis, and as they come
online, these production figures will continue to improve as our
business scales into one of the largest enterprise Bitcoin mining
operations in North America.”
Investor NoticeInvesting 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 hashrate 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 May 2021. See "Safe Harbor"
below.
Forward-Looking StatementsStatements 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 HoldingsMarathon 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:Jason AssadTelephone:
678-570-6791Email: Jason@marathondh.com
Marathon Digital Holdings Investor
Contact:Gateway Investor RelationsMatt Glover and Charlie
SchumacherTelephone:
949-574-3860Email: MARA@gatewayir.com
Marathon Digital (NASDAQ:MARA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Marathon Digital (NASDAQ:MARA)
Historical Stock Chart
From Apr 2023 to Apr 2024