Marathon Digital Holdings announces production of Bitcoin and

LAS VEGAS, June 02, 2021 (GLOBE NEWSWIRE) – Marathon Digital Holdings, Inc. (NASDAQ:MARA) (“Marathon” or “Company”), one of the largest self-mining bitcoin companies in North America, today released unaudited updates on the production and installation of bitcoin miners (“BTC”) for May 2021 .

Company highlights as of June 1, 2021

  • Produced 226.6 new bitcoins minted in May 2021, bringing total bitcoin holdings to around 5,518 with a fair market value of around $ 203.4 million
  • Cash on hand was around $ 191.8 million and total liquidity, defined as cash and bitcoin holdings, was around $ 395.1 million.
  • Received approximately 16,809 S-19 Pro ASIC miners from Bitmain to date with an additional 1,911 S-19 Pro ASIC miners currently in transit
  • Increase of the active mining fleet to around 17,655 miners, generating around 1.9 EH / s
  • On May 31, 2021, announced that the company’s Bitcoin mining pool, MaraPool, is adopting and implementing Bitcoin Core version 0.21.1.

Bitcoin production update
As of June 1, 2021, the Marathon mining fleet had produced approximately 580.5 new bitcoins in 2021. Per month, the company’s bitcoin production was as follows:

As a result, Marathon currently holds around 5,518 BTC, including the 4,812.66 BTC that the Company purchased in January 2021 for an average price of $ 31,168 per BTC. As of May 31, 2021, the fair market value of a bitcoin was approximately $ 36,857, implying that the approximate fair market value of Marathon’s current bitcoin holdings is approximately $ 203.4 million.

Miner settlements and hashrate growth
As of June 1, 2021, Bitmain had 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, bringing the company’s active mining fleet to approximately 17,655 miners, generating approximately 1.9 PE / s.

New miners continue to be installed daily. 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, when the Company’s mining fleet will consist of approximately 103,120 miners, generating approximately 10.37 EH / s.

Bitcoin Core Version 0.21.1 (Taproot) implementation
On May 31, 2021, Marathon announced that the company’s Bitcoin mining pool, MaraPool, is adopting and implementing Bitcoin Core version 0.21.1, which includes the Taproot soft fork, without modification. Therefore, MaraPool will no longer filter transactions. The update is expected to begin this week with Taproot signaling starting the following week, when the pool will begin committing transactions in a manner consistent with all other miners using the standard node. The full press release can be accessed 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 hash rate to 1.9 EH / s after that. have installed 5,571 other miners, ”said Fred Thiel, CEO of Marathon. “As a result, we were producing almost 10 bitcoins per day on average at the end of the month. Given our current delivery schedule and macro events affecting the global network hashrate, Marathon is uniquely positioned to evolve and thrive in today’s mining environment. The delivery and installation of new miners continues to progress well and we remain on track to meet our goals of transitioning our operations to 70% carbon neutral and bringing all of our previously purchased miners online by the end of the year. end of the first quarter of next year. “

Notice to Investors
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 year ended. December 31, 2020. If any of these risks were to occur, our business, financial condition or results of operations would likely be adversely affected. In this case, the value of our securities could fall and you could lose some or all of your investment. The risks and uncertainties we describe are not the only ones we face. Additional risks that we are not currently aware of or that we currently consider to be insignificant may also adversely affect 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 future results. Future changes in the network-wide mining difficulty rate or hashrate of Bitcoin may also materially affect the future performance of Bitcoin production by Marathon. Additionally, all discussions of financial measures assume mining difficulty rates as of June 2021. See “Safe Harbor” 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 may be identified by use of words such as “may”, “will”, “plan”, “should”, “expect”, “anticipate”, “estimate”, “continue” or similar terminology. These forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which cannot be predicted with precision by the Company and some of which might not even be anticipated and involve factors which 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 encouraged to consider the factors listed above as well as additional factors under the heading “Risk Factors” in the Company’s annual reports on Form 10-K , as they can be completed. or amended by the Company’s quarterly reports on Form 10-Q. The Company assumes no obligation to update or supplement any forward-looking statements that become false due to subsequent events, new information or otherwise.

About Marathon Digital Holdings
Marathon is a digital asset technology company that operates cryptocurrencies with a focus on the blockchain ecosystem and digital asset generation.

Contact of Marathon Digital Holdings:
Jason assad
Telephone: 678-570-6791
Email: [email protected]

Contact for investors of Marathon Digital Holdings:
Gateway Investor Relations
Matt Glover and Charlie Schumacher
Telephone: 949-574-3860
E-mail: [email protected]

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