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Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for November 2021

Total Liquidity Increases to $1.1 Billion as Marathon Completes Deployments in Hardin, MT and Begins Deploying Bitcoin Miners with Compute North

LAS VEGAS, Dec. 03, 2021 (GLOBE NEWSWIRE) -- Marathon Digital Holdings, Inc. (NASDAQ:MARA) ("Marathon" or "Company"), one of the largest enterprise Bitcoin self-mining companies in North America, today published unaudited bitcoin (“BTC”) production and miner installation updates for November 2021.

Historical and Potential Hash Rate Growth Based on Current Shipment Schedules of Previously Purchased Miners (Subject to Change)

Corporate Highlights as of December 1, 2021

  • Cash on hand was approximately $623.7 million and total liquidity, defined as cash and bitcoin holdings, was approximately $1.1 billion
  • Received approximately 15,520 top-tier ASIC miners from Bitmain during the month of November and 56,826 miners year to date with an additional 8,477 miners currently in transit
  • Fully completed miner installations at the Company’s facility in Hardin, MT, as well as scheduled upgrades and maintenance to the power generating facility in Hardin, MT
  • Secured hosting for all previous purchased bitcoin miners, predominantly at wind and solar farms operated by one of the largest renewable energy power providers in North America
  • Began installing miners at various facilities operated by Compute North
  • Following successful system upgrades to the power plant in Hardin, MT, produced approximately 34 bitcoin on December 1, 2021, as the power plant and Marathon’s miners in Hardin began operating near full capacity
  • Maintenance and upgrades to the power generating facility in Hardin, MT negatively impacted bitcoin production for a portion of November, resulting in 196 self-mined bitcoin during November 2021
  • Increased total bitcoin holdings to approximately 7,649.1 with a fair market value of approximately $437.4 million
  • Existing mining fleet consists of 31,000 active miners producing approximately 3.2 EH/s

Power Generating Station Upgrades in Hardin, MT
As previously disclosed in the Company’s third quarter 2021 10-Q, system upgrades were performed as scheduled on the power generating station in Hardin, MT during November. These upgrades, combined with additional maintenance to improve the cleanliness and efficacy of the power generating station and the ongoing challenges reported in prior months, caused Marathon’s bitcoin mining operations to operate at substantially reduced capacity in November, negatively impacting the Company’s bitcoin production. The upgrades performed are expected to improve the power generating station’s efficiency, increase safety, mitigate the potential for unexpected downtime in the future, and ultimately improve the Company’s ability to effectively mine bitcoin. With many of these issues remediated, the Hardin power generating station, and therefore Marathon’s mining fleet in Hardin, were operating near full capacity as of December 1, 2021, which enabled the company to produce 34 bitcoin on the first day of December.

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Nachrichtenquelle: globenewswire
03.12.2021, 14:00  |  116   |   |   

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Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for November 2021 Total Liquidity Increases to $1.1 Billion as Marathon Completes Deployments in Hardin, MT and Begins Deploying Bitcoin Miners with Compute NorthLAS VEGAS, Dec. 03, 2021 (GLOBE NEWSWIRE) - Marathon Digital Holdings, Inc. (NASDAQ:MARA) ("Marathon" …

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