– Elevated Hash Price 30% by Energizing Roughly 18,800 Bitcoin Miners (c. 2.2 EH/s) in February 2023

– Produced 683 BTC in February 2023 and 1,370 BTC Quarter-To-Date

– Elevated Unrestricted Money to $219.7 Million and Elevated Unrestricted Bitcoin Holdings to eight,260 BTC (c. $191.2 million)

FORT LAUDERDALE, Fla., March 02, 2023 (GLOBE NEWSWIRE) — Marathon Digital Holdings, Inc. (NASDAQ:MARA) (“Marathon” or “Firm”), a frontrunner in supporting and securing the Bitcoin ecosystem, as we speak printed unaudited bitcoin (“BTC”) manufacturing and miner set up updates for February 2023.

Administration Commentary
“We efficiently energized practically 19,000 Bitcoin miners throughout a number of services in February, with over 8,000 of those items consisting of S19 XPs,” mentioned Fred Thiel, Marathon’s chairman and CEO. “In the course of the month, we elevated our hash charge to 9.5 exahashes, a 30% enhance from the prior month. We additionally elevated our common bitcoin produced per day by 10% in comparison with January, producing 683 bitcoin in February.

“We opted to promote 650 bitcoin this month to offset working bills and for normal company functions. Even with these gross sales, we elevated our unrestricted bitcoin holdings from 8,090 bitcoin as of January 31, 2023, to eight,260 bitcoin, valued at $191.2 million as of February 28, 2023. Moreover, we elevated our unrestricted money available to $219.7 million.

“To proceed advancing our operations and enhance effectivity, our main focus this yr is to energise extra miners and to optimize our fleet’s efficiency. We stay assured in our capacity to scale Marathon into one of many largest and most vitality environment friendly Bitcoin mining operations globally by putting in roughly 23 exahashes of computing energy close to the center of 2023.”

Operational Highlights and Updates

Determine 1: Operational Highlights

	12 months-Over-12 months Comparability				Prior Month Comparability
Metric	2/28/2023	2/28/2022	% Δ		2/28/2023	1/31/2023	% Δ
BTC Produced	683	360	90%		683	687	-1%
Avg. BTC Produced per Day	24.4	12.9	90%		24.4	22.1	10%
Operational/Energized Hash Price (EH/s)1	9.5	3.8	150%		9.5	7.3	30%
Put in Hash Price (EH/s)2	14.0	NA	NA		14.0	11.0	27%
1. Outlined as the quantity of hash charge that might theoretically be generated if all mining servers which have been operational/energized are at the moment in operation (consists of mining servers which might be quickly offline for upkeep or related causes). Hash charges are estimates based mostly on the producers’ specs. All figures are rounded.
2. Outlined because the sum of operational/energized hash charge (see above) and hash charge that has been put in however isn’t but energized (e.g., mining servers are in containers however not energized). Hash charges are estimates based mostly on the producers’ specs. All figures are rounded.

In February, roughly 18,800 of Marathon’s Bitcoin miners (c. 2.2 EH/s) had been energized throughout a number of websites, together with 3,900 S19 XPs (c. 0.5 EH/s) in Granbury, TX (Wolf Hole) and three,800 S19 XPs (c. 0.5 EH/s) in Jamestown, ND. In consequence, the Firm’s working fleet elevated to roughly 90,000 Bitcoin miners, theoretically able to producing roughly 9.5 EH/s, based on the producer’s specs, as of March 1, 2023.

Throughout February, the set up of Marathon’s miners at Utilized Digital’s facility in Backyard Metropolis, TX, was totally accomplished. As well as, roughly 4,100 of Marathon’s S19 XPs had been put in at Utilized Digital’s facility in Ellendale, ND, in the course of the month.

As soon as all of Marathon’s beforehand bought miners are put in, roughly 66% of the Firm’s hash charge is anticipated to be generated by S19 XPs, that are roughly 30% extra vitality environment friendly than the prior era of mining rigs. The Firm nonetheless expects to have roughly 23 EH/s of capability put in close to the center of 2023.

Monetary Highlights and Updates

Determine 3: Monetary Highlights

	12 months-Over-12 months Comparability				Prior Month Comparability
Metric	2/28/2023	2/28/2022	% Δ		2/28/2023	1/31/2023	% Δ
Whole Money, Money Equivalents, & Restricted Money ($, in tens of millions)	228.5	106.4	115%		228.5	142.6	60%
Unrestricted Money	219.7	106.4	107%		219.7	133.8	64%
Restricted Money	8.8	0.0	NA		8.8	8.8	0%
Whole BTC Holdings (in entire numbers)	11,392	8,956	27%		11,392	11,418	-0%
Unrestricted BTC Holdings	8,260	8,956	-8%		8,260	8,090	2%
Restricted BTC Holdings	3,132	0	NA		3,132	3,328	-6%

In February, the Firm opted to promote 650 BTC, and in consequence, Marathon holds a complete of 11,392 BTC, of which roughly 8,260 BTC (c. $191.2 million) are unrestricted as of February 28, 2023. As beforehand indicated in prior press releases, Marathon could proceed to promote a portion of its bitcoin holdings in future intervals to help month-to-month operations, handle its treasury, or for normal company functions. The Firm ended the month with $219.7 million in unrestricted money available.

Investor Discover 
Investing in our securities includes a excessive diploma of danger. Earlier than investing resolution, you must fastidiously contemplate the dangers, uncertainties and forward-looking statements described below “Threat Elements” in Merchandise 1A of our most up-to-date Annual Report on Kind 10-Okay for the fiscal yr ended December 31, 2021, filed with the SEC on March 10, 2022. If any of those dangers had been to happen, our enterprise, monetary situation or outcomes of operations would probably endure. In that occasion, the worth of our securities may decline, and you might lose half or your entire funding. The dangers and uncertainties we describe should not the one ones dealing with us. Further dangers not presently recognized to us or that we at the moment deem immaterial may impair our enterprise operations. As well as, our previous monetary efficiency is probably not a dependable indicator of future efficiency, and historic tendencies shouldn’t be used to anticipate outcomes sooner or later. Future modifications within the network-wide mining problem charge or Bitcoin hash charge may materially have an effect on the longer term efficiency of Marathon’s manufacturing of bitcoin. Moreover, all discussions of economic metrics assume mining problem charges as of March 2023. See “Ahead-Trying Statements” under. 

Ahead-Trying Statements 
Statements made on this press launch embody forward-looking statements inside the which means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Trade Act of 1934. Ahead-looking statements might be recognized by way of phrases corresponding to “could,” “will,” “plan,” “ought to,” “anticipate,” “anticipate,” “estimate,” “proceed,” or comparable terminology. Such forward-looking statements are inherently topic to sure dangers, tendencies and uncertainties, a lot of which the Firm can’t predict with accuracy and a few of which the Firm may not even anticipate and contain components that will trigger precise outcomes to vary materially from these projected or recommended. Readers are cautioned to not place undue reliance on these forward-looking statements and are suggested to think about the components listed above along with the extra components below the heading “Threat Elements” within the Firm’s Annual Experiences on Kind 10-Okay, as could also be supplemented or amended by the Firm’s Quarterly Experiences on Kind 10-Q. The Firm assumes no obligation to replace or complement forward-looking statements that develop into unfaithful due to subsequent occasions, new data or in any other case. 

About Marathon Digital Holdings 
Marathon is a digital asset expertise firm that focuses on supporting and securing the Bitcoin ecosystem. The Firm is at the moment within the means of turning into one of many largest and most sustainably powered Bitcoin mining operations in North America.

Marathon Digital Holdings Firm Contact: 
Phone: 800-804-1690
E mail: [email protected]

Supply: Marathon Digital Holdings, Inc.

Launched March 2, 2023