Historical and Potential Hash Rate Growth Based on Current Shipment Schedules of Previously Purchased Miners (Subject to Change)
Corporate Highlights as of
- Produced 360.3 self-mined bitcoin during
February 2022 , a 729% increase from 43.4 self-mined bitcoin inFebruary 2021 - Increased total bitcoin holdings to approximately 8,956 BTC with a fair market value of approximately
$386.8 million - Cash on hand was approximately
$106.4 million and total liquidity, defined as cash and bitcoin holdings, was approximately$493.2 million - Increased hash rate 8% from the prior month after successfully deploying and energizing 2,800 miners in the month of February
- Received approximately 7,600 top-tier ASIC miners from BITMAIN during the month of February
- Existing mining fleet consists of 35,510 active miners producing approximately 3.8 EH/s
- After successfully breaking the mold on deploying behind the meter at scale, deployments are expected to continue to accelerate throughout the rest of 2022
- The Company continues to expect its mining operations to be 100% carbon neutral by the end of 2022
Bitcoin Production Update
Since
*Note: Upgrades and maintenance to the power generating station in
Total Network Hash Rate Source: https://www.blockchain.com/charts/hash-rate
The Company last sold bitcoin on
Miner Installations and Hash Rate Growth
In
Construction of Compute North’s new facilities, which are predominantly “behind the meter” at wind and solar farms, remain underway. These facilities are at multiple locations and include a 280-megawatt (MW) site in west
Management Commentary
“In February, Compute North received permission to begin bringing miners online at new locations, and as a result, we increased our hash rate 8% month-over-month after successfully energizing 2,800 miners,” said
“Deploying behind the meter at scale is a method that required additional permitting and coordination from the various parties involved. Now that we have broken the mold on this process, we expect deployments at new facilities to continue to accelerate into the second quarter and throughout the rest of the year. Our primary objectives for 2022 are to effectively deploy our miners, achieve our growth targets, and continue expanding our competitive moat, and we believe we are well positioned to achieve each of those goals. We look forward to supporting the adoption, security, and evolution of Bitcoin by growing our mining operations to 23.3 EH/s and achieving 100% carbon neutrality over the coming quarters.”
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
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 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:
Telephone: 800-804-1690
Email: charlie@marathondh.com
Two figures accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/2396abd4-98c4-41e2-9a1d-215f3378b10f
https://www.globenewswire.com/NewsRoom/AttachmentNg/92e3d107-ba22-4310-84df-a97d058c4cbe
Figure 1
Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for February 2022
Figure 2
Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for February 2022
2022 GlobeNewswire, Inc., source