Marathon (MARA) Says Bitcoin Mining Fleet to Produce Approximately 1.4 EH/s by the End of March
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Marathon Digital Holdings, Inc. (NASDAQ:MARA) ("Marathon" or "Company"), one of the largest enterprise Bitcoin self-mining companies in North America, today announced that the Company’s mining fleet will produce approximately 1.4 EH/s (exahash per second) by the end of March.
On February 1, 2021, Marathon announced that Bitmain had shipped approximately 4,000 S-19 Pro ASIC miners to the Company’s mining facility in Hardin, MT, all of which were delivered as scheduled.
In addition to the initial 4,000 miners delivered to the Hardin facility in February, Bitmain recently shipped another 6,300 miners to Hardin. A portion of this new shipment has already been received and installations are progressing. Marathon expects all 10,300 miners to be installed by the end of March, at which point the Company’s mining fleet will consist of 12,920 miners generating approximately 1.4 EH/s.
“Last month, we received the first of several major shipments scheduled to be delivered in 2021 from Bitmain,” said Merrick Okamoto, Marathon’s chairman and CEO. “That delivery marked the genesis of what will be a transformative year for our business as we significantly increase the size of our mining fleet and expand our operations. We are very encouraged that the initial 4,000 Bitmain miners were delivered on time to our Hardin facility and that the next tranche of 6,300 miners was also shipped as scheduled. An additional 4,800 miners are set to be shipped to us in April, and we look forward to continuing to build out our mining operations and scale the business as projected.”
Investor NoticeInvesting 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, 2019. 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 hashrate 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 March 2021.
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