Marathon Digital Holdings broadcasts updates on Bitcoin mining and manufacturing operations for March 2023

– Elevated Bitcoin manufacturing by 21% month over month, producing a report 825 BTC in March 2023 and a report 2,195 BTC in Q1 2023

– Hash charge elevated by 64% in Q1 2023 to 11.5 EH/s as of March 31, 2023

– Reported limitless money and money equivalents of $124.9 million and limitless Bitcoin holdings elevated to 11,466 BTC (roughly $326.5 million) as of March 31, 2023

FORT LAUDERDALE, Fla., April 03, 2023 (GLOBE NEWSWIRE) — Marathon Digital Holdings, Inc. (NASDAQ:MARA) (“Marathon” or “Firm”)a frontrunner in supporting and defending the Bitcoin ecosystem, at the moment launched unaudited updates on bitcoin (BTC) manufacturing and miner set up for March 2023.

Administration remark
Throughout the first quarter of 2023, we made robust progress in executing our two fundamental initiatives for the yr, that are to energise our beforehand bought mining services to succeed in our aim of 23 exahashes by mid-2023. yr and in optimizing our efficiency in order that we’re each simpler and environment friendly, mentioned Fred Thiel, president and chief govt officer of Marathons. Throughout the quarter, we elevated our operational hash charge by 64% from 7.0 exahashes to 11.5 exahashes. We have additionally seen enhancements within the consistency of our hash charge, which signifies that a few of the expertise updates we have carried out are beginning to take impact. By bettering our hash charge, we elevated our bitcoin manufacturing by 41% from the earlier quarter, reaching a report 2,195 bitcoins within the first quarter. In March, we produced a report 825 bitcoins, which is a 21% enhance from the earlier month.

Along with our working progress, we additionally improved our monetary place throughout the quarter. We diminished our debt by $50 million and elevated our limitless bitcoin reserves by 3,132 bitcoins after prepaying our time period mortgage and terminating our strains of credit score with Silvergate Financial institution. We ended the quarter with roughly $124.9 million in limitless money and money equivalents and 11,466 bitcoins, which had a market worth of roughly $326.5 million as of March 31.

Given the operational and monetary enhancements we made throughout the first quarter, we stay optimistic that we will meet our major progress targets and set up Marathon as one of many largest and most energy-efficient Bitcoin mining operations globally.

Operational highlights and updates

Determine 1: Operational highlights

Throughout the first quarter, Marathon elevated its operational hash charge by 64% from 7.0 EH/s on January 1, 2023 to 11.5 EH/s on March 31, 2023. As of March, roughly 13,000 Marathon beforehand put in Bitcoin miners (about 2.0 EH/s) had been fed at Utilized Digitals services in North Dakota. Roughly 9,400 S19 XPs (roughly 1.3 EH/s) had been energized at Ellendale, ND, and roughly 3,500 S19 XPs (roughly 0.5 EH/s) had been energized at Jamestown, ND. As of April 1, 2023, Marathon’s operational fleet consisted of roughly 105,200 Bitcoin miners, theoretically able to producing roughly 11.5 EH/s, based on the producer’s specs.

As soon as all of the miners beforehand bought from Marathon are put in, roughly 66% of the corporate’s hash charge must be generated by XP S19, that are roughly 30% extra vitality environment friendly than the earlier technology of mining rigs . The Firm nonetheless expects to have round 23 EH/s of put in capability in mid-2023.

Monetary highlights and updates

Determine 2: Monetary highlights

As beforehand disclosed, Marathon repaid its time period mortgage and terminated its credit score strains with Silvergate Financial institution in March. These actions diminished Marathon’s debt by $50 million and elevated the corporate’s limitless bitcoin holdings by 3,132 BTC.

As of April 1, Marathon holds a complete of 11,466 BTC, all of which at the moment are limitless. The Firm has determined to promote 750 BTC throughout the month of March and intends to promote a portion of its bitcoin holdings in future durations to assist month-to-month operations, handle its treasury or for basic company functions. The Firm ended the month with $124.9 million in limitless money and money equivalents on its stability sheet.

In response to the closure of Signature Financial institution on March 12, Marathon redistributed its money amongst numerous establishments and is not carrying any deposits at Signature Financial institution.

Investor Discover
Funding in our securities carries a excessive diploma of threat. Earlier than investing choice, it’s best to rigorously think about the dangers, uncertainties and forward-looking statements described within the “Threat Components” part in merchandise 1A of our most up-to-date annual report on Kind 10-Okay for the fiscal yr ended December 31, 2022, filed with the SEC March 16, 2022. If any of those dangers had been to happen, our enterprise, monetary situation or outcomes of operations would doubtless be affected. In such occasion, the worth of our securities might fall and you could lose some or your whole funding. The dangers and uncertainties we describe are usually not the one ones we face. Extra dangers not at the moment identified to us or which we at the moment think about immaterial can also have an effect on our enterprise operations. Moreover, our previous monetary efficiency will not be a dependable indicator of future efficiency and historic developments shouldn’t be used to foretell future outcomes. Future modifications within the network-wide mining problem charge or Bitcoinhash charge may additionally materially have an effect on the long run efficiency of Marathon’s bitcoin manufacturing. Moreover, all discussions of economic metrics assume mining problem charges as of April 2023. See “Ahead-Trying Statements” beneath.

Ahead-Trying Statements
Statements made on this press launch embody forward-looking statements inside the which means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Alternate Act of 1934. Ahead-looking statements may be recognized by means of phrases reminiscent of might, will , plan, ought to, count on, anticipate, estimate, proceed or comparable terminology. Such forward-looking statements are inherently topic to sure dangers, developments and uncertainties, lots of which the Firm can’t precisely predict and a few of which the Firm might not even anticipate and contain components that would trigger precise outcomes to vary materially from these anticipated or instructed. Readers are cautioned to not place undue reliance on these forward-looking statements and are suggested to contemplate the components listed above together with the extra components underneath the heading Threat Components within the Firm’s annual experiences on Kind 10-Okay, as they could be supplemented or modified. from the corporate’s quarterly experiences on Kind 10-Q. The Firm undertakes no obligation to replace or complement any forward-looking statements that change into false because of subsequent occasions, new info, or in any other case.

About Marathon Digital Holdings
Marathon is a digital asset expertise firm that focuses on supporting and defending the Bitcoin ecosystem. The corporate is at the moment on its technique to turning into one of many largest and most sustainable Bitcoin mining operations in North America.

Digital entries of the marathonCompanyContact:
Cellphone: 800-804-1690
E-mail: ir@mara.com