Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for November 2021 - Seite 2

Bitcoin Production Update
As of December 1, 2021, Marathon’s mining fleet has produced approximately 2,712.3 self-mined bitcoin during 2021. By month, the Company’s bitcoin production was as follows:

*Note: Upgrades and maintenance to the power generating station in Hardin, MT caused Marathon’s bitcoin mining operations in Hardin, MT to operate at substantially reduced capacity in November 2021, negatively impacting the Company’s bitcoin production for the month.

Total Network Hash Rate Source: https://www.blockchain.com/charts/hash-rate

The Company last sold bitcoin on October 21, 2020, and since then, has been accumulating or “hodling” all bitcoin generated. As a result, Marathon currently holds approximately 7,649.1 BTC, including the 4,812.66 BTC the Company purchased in January 2021 for an average price of $31,168 per BTC. On December 1, 2021, the fair market value of one bitcoin was approximately $57,180, implying that the approximate fair market value of Marathon’s current bitcoin holdings is approximately $437.4 million.

Miner Installations and Hash Rate Growth
As of December 1, 2021, Marathon has fully completed deploying miners at its facility in Hardin, MT and is now deploying miners at existing facilities operated by Compute North. After expanding its agreement with Compute North, Marathon has now secured hosting for all of its previously purchased bitcoin miners. Marathon’s remaining miners will predominantly be deployed “behind the meter” with Compute North at wind and solar farms operated by one of the largest renewable energy power providers in North America. Compute North’s new facilities, including a 280-megawatt (MW) site in west Texas, are currently under construction. Based on current construction schedules, Marathon expects to begin deploying miners at Compute North’s new facilities beginning in the first quarter of 2022.

In October, the Company began chartering planes to expedite shipments of miners and to mitigate the impact of global logistics issues on its growth trajectory. In November, the Company continued to charter planes, reducing the average time it takes to ship miners from approximately 21 days with commercial cargo to five days with chartered flights. As a result, Marathon received 15,520 miners in the month of November, and the Company has received approximately 56,826 miners year to date. While deliveries of miners may continue to fluctuate in the near-term, based on current estimates, the Company still anticipates all previously purchased miners to be delivered by mid-2022. Once all miners are fully installed, the Company’s mining fleet is expected to consist of approximately 133,000 miners, generating approximately 13.3 EH/s.