Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for November 2021 - Seite 3
Management Commentary
“In November, we completed the buildout of our mining facility in Hardin, MT, we began deploying miners with Compute North, and we made substantial progress improving our ability to effectively
scale our operations in the coming months,” said Fred Thiel, Marathon’s CEO. “After expanding our agreement with Compute North, we have secured reliable hosting with renewable power, at industry
low rates for the remainder of our previously purchased miners. By continuing to charter planes, we have reduced the average time to ship miners from 21 days with commercial cargo to only five. We
now have enough miners on the ground in the United States to utilize Compute North’s new capacity as it becomes available in the coming months. And after closing an oversubscribed convertible note
offering, we increased our total liquidity to $1.1 billion, which provides us with optionality to improve our efficiency and further scale our operations.
“During the month, we performed several important upgrades to the power plant in Hardin, MT, including cleaning out nearly 400 tons of particulate matter that had been negatively impacting the plant’s ability to consistently generate power. While these upgrades caused our miners in Hardin to operate below capacity in November, which negatively impacted our bitcoin production for the month, we believe they were necessary in the near-term and will be beneficial in the long-run. With the plant and approximately 29,000 miners at Hardin back online, we produced approximately 34 bitcoin on December 1st alone.
“Today, Marathon is well-capitalized, our deployments are commencing with Compute North, and we have ample opportunities to continue expanding our mining operations with renewable power in the United States. As a result, we believe we are well positioned to reach 13.3 EH/s by mid 2022 and to remain agile and opportunistic as our industry evolves in the coming quarters.”
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Investor Notice
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 fiscal year ended December 31, 2020. If any of these risks were to occur, our business, financial
condition or results of operations would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The risks and uncertainties
we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair 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 results in the future. Future changes in the network-wide mining difficulty
rate or Bitcoin hash rate may also materially affect the future performance of Marathon's production of Bitcoin. Additionally, all discussions of financial metrics assume mining
difficulty rates as of December 2021. The total network’s hash rate data is calculated from a third-party source, which is available here: https://www.blockchain.com/charts/hash-rate. Data from third-party sources has not been independently verified. See "Safe Harbor" below.