Marathon Digital Holdings Expands Deployments with Compute North, Powered by One of the Largest Renewable Energy Providers in North America

Compute North to Host Over 100,000 of Marathon’s Bitcoin Miners at Predominantly Wind and Solar Farms Operated by One of the Largest Renewable Energy Providers in North America

LAS VEGAS, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Marathon Digital Holdings, Inc. (NASDAQ:MARA) ("Marathon" or "Company"), one of the largest enterprise Bitcoin self-mining companies in North America, has expanded its agreement with Compute North to host more than 100,000 of Marathon’s previously purchased bitcoin miners at multiple locations, the majority of which are wind and solar farms operated by one of the largest renewable energy power providers in North America.

In May 2021, Marathon announced a binding letter of intent with Compute North to host approximately 73,000 of Marathon’s bitcoin miners in Texas. Today, the Company announced that the agreement has been expanded to now include over 100,000 of Marathon’s previously purchased bitcoin miners. As a result, Marathon has now procured hosting arrangements for all of its previously purchased bitcoin miners.

Under the terms of the agreement, Compute North will now be deploying Marathon’s bitcoin miners across the United States, focusing on wind and solar farms. The deployments will predominantly be “behind the meter,” which is intended to avoid congesting transmission lines and to improve the efficiency and sustainability of the Company’s mining operations. Once all 133,000 of Marathon’s bitcoin miners are deployed, the Company’s hash rate will be approximately 13.3 EH/s, its blended cost of electricity and hosting will be approximately $0.042 per kilowatt hour (kWh), and Marathon’s mining operations will be approximately 77% carbon neutral.

Compute North, which is a leader in delivering cost-effective TIER 0 infrastructure, will be developing and operating the new mining facilities as well as managing the deployment of Marathon’s miners. Deployments of miners at existing facilities are currently underway. The next 280-megawatt (MW) site in West Texas is expected to begin operating in the first quarter of 2022 with the remainder of the mining facilities expected to be constructed and operational by the middle of 2022.

“As a flexible, base load consumer, bitcoin miners are uniquely positioned to deploy with renewable energy power providers who are interested in improving the economics of their current operations or funding the construction of new renewable energy facilities,” said Fred Thiel, Marathon’s CEO. “By expanding our agreement with Compute North, we have secured access to top-tier, reliable hosting with renewable power, behind the meter, at industry low rates for the remainder of our previously purchased miners. As a result, we believe our mining operations will not only be among the largest in North America, but also among the most efficient and most environmentally friendly. Additionally, given that the primary energy provider is one of the largest generators of renewable energy from wind and solar in North America, we now have a clear path to continue expanding our mining operations with renewable power in the United States.”