Marathon Digital Holdings Increases 2024 Hash Rate Target to 50 Exahash
April 25 2024 - 4:32PM
Marathon Digital Holdings, Inc.
(NASDAQ:MARA) ("Marathon"
or "Company"), one of the world’s largest publicly traded
Bitcoin miners and a leader in supporting and securing the Bitcoin
ecosystem, today announced that the Company is increasing its hash
rate target for fiscal year 2024 from 35-37 EH/s to 50 EH/s.
Marathon began 2024 with approximately 24.7 EH/s
energized and had been planning to grow its hash rate by
approximately 46% to 35-37 EH/s by the end of the year. Based on
current machine orders and available capacity following its recent
acquisitions, Marathon now expects to grow its operations to
approximately 50 EH/s by the end of 2024. The new target represents
approximately 100% growth in hash rate during 2024 and is fully
funded based on Marathon’s current liquidity position.
“Given the amount of capacity we have available
following our recent acquisitions and the amount of hash rate we
have access to through current machine orders and options, we now
believe it is possible for us to double the scale of Marathon’s
mining operations in 2024 and achieve 50 exahash by the end of the
year,” said Fred Thiel, Marathon’s chairman and CEO. “With our
current liquidity position, this growth target is also fully funded
and there is no need for us to raise additional capital to achieve
our objective. By deploying state of the art equipment and our own
proprietary technology, we also believe that we can improve our
fleet efficiency and approach 21 joules per terahash as we grow to
50 exahash.”
Further information on Marathon’s plans for 2024
will be provided during the Company’s first quarter 2024 webcast
and conference call, set for Thursday, May 9, 2024 at 5:00 pm
Eastern time. To register to participate in the conference call or
to listen to the live audio webcast, please use this link.
Earnings Webcast and Conference Call
DetailsDate: Thursday, May 9, 2024Time: 5:00 p.m. Eastern
time (2:00 p.m. Pacific time)Registration link: LINK
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, 2023, filed with the SEC on February 28, 2024. 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. 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:
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@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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