Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for May 2021
June 02 2021 - 8:00AM
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 May
2021.
Corporate Highlights as of June 1, 2021
- Produced 226.6 new minted bitcoins during May 2021, increasing
total bitcoin holdings to approximately 5,518 with a fair market
value of approximately $203.4 million
- Cash on hand was
approximately $191.8 million and total liquidity, defined as cash
and bitcoin holdings, was approximately $395.1 million
- Received approximately 16,809 S-19 Pro ASIC miners from Bitmain
year to date with an additional 1,911 S-19 Pro ASIC miners
currently in transit
- Increased active mining fleet to approximately 17,655 miners,
generating approximately 1.9 EH/s
- On May 31, 2021, announced that the Company’s Bitcoin mining
pool, MaraPool, was adopting and implementing Bitcoin Core version
0.21.1
Bitcoin Production UpdateAs of June 1, 2021,
Marathon’s mining fleet has produced approximately 580.5 newly
minted bitcoins during 2021. By month, the Company’s bitcoin
production was as follows:
As a result, Marathon currently holds approximately 5,518 BTC,
including the 4,812.66 BTC the Company purchased in January 2021
for an average price of $31,168 per BTC. On May 31, 2021, the fair
market value of one bitcoin was approximately $36,857, implying
that the approximate fair market value of Marathon’s current
bitcoin holdings is approximately $203.4 million.
Miner Installations and Hashrate GrowthAs of
June 1, 2021, Bitmain has delivered approximately 16,809 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
May, Marathon installed 5,571 new miners, increasing the Company’s
active mining fleet to approximately 17,655 miners, generating
approximately 1.9 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.
Implementing Bitcoin Core Version 0.21.1
(Taproot)On May 31, 2021, Marathon announced that the
Company’s Bitcoin mining pool, MaraPool, was adopting and
implementing Bitcoin Core version 0.21.1, which includes the
Taproot soft fork, without modification. As a result, MaraPool will
no longer filter transactions. The update is expected to begin this
week with Taproot signaling commencing the following week, at which
point, the pool will begin validating transactions in a manner
consistent with all other miners who use the standard node. The
full press release is accessible at this link.
Management Commentary“In May, we produced 226.6
bitcoins, which is a 40% increase from the 162.1 bitcoins we
produced in April, and we increased our hashrate to 1.9 EH/s after
installing another 5,571 miners,” said Fred Thiel, Marathon’s CEO.
“As a result, we were producing nearly 10 bitcoins per day on
average at the end of the month. Given our current delivery
schedule and the macro events affecting the global network
hashrate, Marathon is particularly well positioned to scale and
thrive in the current mining environment. Delivery and installation
of new miners continue to progress well, and we remain on track to
meet our objectives of transitioning our operations to 70% carbon
neutral and having all our previously purchased miners online by
the end of the first quarter of next year.”
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 June 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
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