LAS VEGAS, Could 04, 2022 (GLOBE NEWSWIRE) — Marathon Digital Holdings, Inc. (NASDAQ:MARA) (“Marathon” or “Firm”), one of many largest enterprise Bitcoin self-mining corporations in North America, at present revealed unaudited bitcoin (“BTC”) manufacturing and miner set up updates for April 2022.
Historic and Potential Hash Price Development Based mostly on Present Cargo Schedules of Beforehand Bought Miners (Topic to Change)
Company Highlights as of Could 1, 2022
- Elevated whole bitcoin holdings to 9,673 BTC with a good market worth of $365.5 million
- Efficiently put in 4,183 miners, representing roughly 0.4 EH/s, in containers at new facility in Texas with 1000’s of extra miners being put in and ready for energization
- Working mining fleet consists of 36,830 lively miners producing roughly 3.9 EH/s with 1000’s of extra miners anticipated to be energized in Could
- Produced 299 self-mined bitcoin throughout April 2022 predominantly on account of ongoing upkeep and downtime on the energy plant in Hardin, MT decreasing April’s potential bitcoin manufacturing by roughly 30%
- Introduced staged transition miners from fossil gas powered facility in Hardin, MT in the course of the third quarter of 2022 as a part of the Firm’s initiative to attain 100% carbon neutrality by year-end 2022
- Money readily available was roughly $40.4 million and whole liquidity, now outlined as money and out there credit score services, was roughly $70.4 million; the Firm additionally holds 9,673 BTC with a good market worth of $365.5 million
- The Firm continues to anticipate its mining operations to be 100% carbon impartial by the top of 2022
Bitcoin Manufacturing Replace
12 months-to-date, Marathon’s mining fleet has produced 1,558 bitcoin, a 340% enhance over the identical time interval within the prior yr. By month, the Firm’s bitcoin manufacturing was as follows:
*Observe: Upgrades and upkeep to the facility producing station in Hardin, MT brought on Marathon’s bitcoin mining operations in Hardin, MT to function at considerably diminished capability in November 2021, negatively impacting the Firm’s bitcoin manufacturing for the month. In April 2022, the Firm’s bitcoin manufacturing was equally impacted by upkeep to the facility producing station in Hardin, MT.
Complete Community Hash Price Supply: https://www.blockchain.com/charts/hash-rate
The Firm final bought bitcoin on October 21, 2020, and since then, has been accumulating or “hodling” all bitcoin generated. In consequence, Marathon presently holds roughly 9,673 BTC, together with the bitcoin bought in January 2021 for a mean value of $31,168 per BTC. On April 30, 2022, the honest market worth of 1 bitcoin was roughly $37,715, implying that the approximate honest market worth of Marathon’s present bitcoin holdings is roughly $365.5 million.
Miner Installations and Hash Price Development
In April, climate and upkeep points brought on the facility producing station in Hardin, MT to function beneath regular ranges, decreasing Marathon’s potential bitcoin manufacturing by roughly 30% in the course of the month. As disclosed on April 5, Marathon intends to relocate its miners from Hardin to extra sustainable sources of energy in phases in the course of the third quarter of 2022.
Throughout April, roughly 4,200 of Marathon’s miners have been efficiently put in, pending energization, in containers at one among Compute North’s new services in Texas. These miners have been initially scheduled to be energized on April 17, rising Marathon’s hash charge by roughly 0.4 EH/s, or 11%, from the prior month. As a result of Firm’s power supplier requiring extra consent from a third-party, the energization of Marathon’s miners was rescheduled to the month of Could. At present, the Firm doesn’t anticipate this course of to affect future deployments of miners.
Because the Firm’s energy supplier finalizes the energization course of, building of Compute North’s first main facility in Texas has continued at tempo and 1000’s of extra miners are being put in and ready for energization. Given the present building and deployment schedule, Marathon continues to anticipate all 199,000 miners, producing roughly 23.3 EH/s, to be deployed by early 2023. Moreover, the Firm continues to anticipate its mining operations to be 100% carbon impartial by the top of 2022.
Administration Commentary
“In April, we grew our bitcoin holdings to 9,673 BTC as we efficiently put in almost 4,200 miners in containers and made substantial progress addressing among the regulatory and allowing challenges associated to breaking the mould on deploying behind the meter,” stated Fred Thiel, Marathon’s chairman and CEO. “Ongoing upkeep points on the energy producing station in Montana brought on our bitcoin manufacturing to dip by roughly 30% in April. As we introduced in April, we shall be transitioning our miners out of Hardin in phases to reduce downtime and transferring them to extra sustainable sources of energy in the course of the third quarter.
“In April, roughly 4,200 miners have been efficiently put in in containers at one among Compute North’s new services in Texas. These miners have been initially scheduled to be energized on April 17, which might have elevated our hash charge by roughly 11% in the course of the month. Nevertheless, we encountered some friction in April as our power companion required the extra consent of a third-party to energise our put in miners. Encouragingly, we anticipate this matter to be resolved early this month, and we don’t anticipate it impacting future deployments.
“Whereas the facility supplier was working by means of this course of, building of Compute North’s services continued unimpaired and 1000’s of extra miners are presently being put in and ready for energization. Based mostly on what we all know at present concerning the tempo of building and deployment, we consider we could also be by means of our backlog of miners and absolutely again on monitor with deployments earlier than the top of this yr. Given the progress now we have made in the beginning of this yr breaking the mould on deploying behind the meter and the distinctive benefits we preserve from our asset gentle mannequin, we’re cautiously optimistic that we’re nonetheless on tempo to attain 23.3 exahash early subsequent yr.”
First Quarter 2022 Earnings Webcast and Convention Name
Marathon Digital Holdings will maintain a webcast and convention name at present at 4:30 p.m. Jap time to debate its monetary outcomes for the quarter ended March 31, 2022, which shall be revealed in a press launch previous to the decision. To register to take part within the convention name, or to hearken to the stay audio webcast, please use this link. The webcast can even be broadcast stay and out there for replay by way of the investor relations part of the Firm’s web site at ir.marathondh.com.
Date: Right this moment, Could 4, 2022
Time: 4:30 p.m. Jap time (1:30 p.m. Pacific time)
Registration hyperlink: LINK
When you have any problem connecting with the convention name, please contact Marathon’s investor relations crew at ir@marathondh.com.
Investor Discover
Investing in our securities includes a excessive diploma of threat. Earlier than investing choice, you need to rigorously think about the dangers, uncertainties and forward-looking statements described below “Threat Components” in Merchandise 1A of our most up-to-date Annual Report on Kind 10-Ok for the fiscal yr ended December 31, 2021, filed with the SEC on March 10, 2022. If any of those dangers have been to happen, our enterprise, monetary situation or outcomes of operations would probably undergo. In that occasion, the worth of our securities might decline, and you could possibly lose half or your entire funding. The dangers and uncertainties we describe are usually not the one ones going through us. Extra dangers not presently recognized to us or that we presently deem immaterial may impair our enterprise operations. As well as, our previous monetary efficiency is probably not a dependable indicator of future efficiency, and historic developments shouldn’t be used to anticipate outcomes sooner or later. Future adjustments within the network-wide mining problem charge or Bitcoin hash charge may materially have an effect on the longer term efficiency of Marathon’s manufacturing of bitcoin. Moreover, all discussions of monetary metrics assume mining problem charges as of Could 2, 2022. The entire community’s hash charge information is calculated from a third-party supply, which is offered right here: https://www.blockchain.com/charts/hash-rate. Information from third-party sources has not been independently verified. See “Ahead-Wanting Statements” beneath.
Ahead-Wanting Statements
Statements made on this press launch embody forward-looking statements throughout the which means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Trade Act of 1934. Ahead-looking statements will be recognized by way of phrases akin to “might,” “will,” “plan,” “ought to,” “anticipate,” “anticipate,” “estimate,” “proceed,” or comparable terminology. Such forward-looking statements are inherently topic to sure dangers, developments and uncertainties, a lot of which the Firm can’t predict with accuracy and a few of which the Firm won’t even anticipate and contain elements which will trigger precise outcomes to vary materially from these projected or instructed. Readers are cautioned to not place undue reliance on these forward-looking statements and are suggested to contemplate the elements listed above along with the extra elements below the heading “Threat Components” within the Firm’s Annual Studies on Kind 10-Ok, as could also be supplemented or amended by the Firm’s Quarterly Studies on Kind 10-Q. The Firm assumes no obligation to replace or complement forward-looking statements that turn into unfaithful due to subsequent occasions, new data or in any other case.
About Marathon Digital Holdings
Marathon is a digital asset expertise firm that mines bitcoin with a deal with the blockchain ecosystem and the technology of digital belongings.
Marathon Digital Holdings Firm Contact:
Phone: 800-804-1690
Electronic mail: ir@marathondh.com
Photographs accompanying this announcement can be found at:
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