Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for May 2023

-   Produced a Record 1,245 BTC in May 2023 and 4,141 BTC Year-To-Date

-   Increased Operational Hash Rate 9% to 15.2 EH/s and Installed Hash Rate 13% to 20.1 EH/s in May 2023

-   Raised nearly $800,000 for Bitcoin Core Developers in Collaboration with Brink

-   Reported Unrestricted Cash and Cash Equivalents of $97.3 Million and Increased Unrestricted Bitcoin Holdings to 12,259 BTC (c. $333.7 Million) as of May 31, 2023

FORT LAUDERDALE, Fla., June 02, 2023 (GLOBE NEWSWIRE) -- Marathon Digital Holdings, Inc. (NASDAQ:MARA) ("Marathon" or "Company"), a leader in supporting and securing the Bitcoin ecosystem, today published unaudited bitcoin (“BTC”) production and miner installation updates for May 2023.

Management Commentary
“We produced a record 1,245 bitcoin in May, up 77% from last month and 366% from May 2022,” said Fred Thiel, Marathon’s chairman and CEO. “The increased production was due to an increased hash rate and a significant increase in transaction fees, which accounted for approximately 11.8% of the total bitcoin we earned in the last month. The emergence of Ordinals significantly increased transaction fees in May, which in some cases, were so high that they exceeded the 6.25 BTC block reward. With our scale and our improved uptime during the month, we were able to capitalize on this opportunity. While such abnormally high transaction fees are historically rare, we believe these events can serve as a positive sign for the future of mining economics.

“In May, we increased our operational hash rate 9% month-over-month to 15.2 exahashes, and we increased our installed hash rate 13% month-over-month to 20.1 exahashes. With the construction of Applied Digital’s facility in Ellendale, ND progressing and optimizations across our fleet continuing, we believe we are on track to reach our 23 EH/s target near the middle of this year.

“Also in May, we announced that we were joining forces with Brink to raise up to $1 million to support Bitcoin Core developers. In less than four days, we collectively raised nearly $800,000 for Bitcoin Core developers, $500,000 of which is Marathon’s contribution. We are incredibly grateful to the Bitcoin community for rallying behind this initiative to support the volunteers who maintain the open-source protocol on which we all depend. We encourage every Bitcoiner and Bitcoin-related company to support the Bitcoin Core developers and join us in closing the gap to raise $1 million for the Bitcoin Core developers.”