Marathon Digital Holdings buys 30,000 S19j Pro Bitcoin miners from Bitmain

[ad_1]

Marathons hash rate is expected to increase to around 13.3 EH / s once all miners are fully deployed

LAS VEGAS, August 02, 2021 (GLOBE NEWSWIRE) – Marathon Digital Holdings, Inc. (NASDAQ: MARA) (“Marathon” or “Company”), one of the largest Bitcoin mining companies in North America, has concluded a contract with Bitmain to purchase an additional 30,000 Antminer S19j Pro (100 TH / s) miners for $ 120.7 million.

Based on current delivery schedules, Marathon predicts that the 30,000 newly purchased miners will be shipped from Bitmain between January 2022 and June 2022. As a result, the company’s mining operations are expected to include more than 133,000 Bitcoin miners, producing around 13 , 3 PE / s once all miners are fully deployed and operational. If all Marathon miners were deployed today, the company’s hash rate would be around 12% of the total Bitcoin networks hash rate, which was around 109 EH / s as of August 1, 2021.

Increasing our percentage of the total network hash rate increases our likelihood of earning bitcoin, and given the particularly favorable conditions of the current mining environment, we believe the time has come to add new miners to our operations, said Fred Thiel, CEO of Marathons. With this new order, we are increasing our operations by 30% to approximately 133,000 miners, producing 13.3 pe / s. As a result, once all miners are fully deployed, our mining operations will be among the most important, not only in North America, but in the world. We would like to thank the Bitmain team for accelerating this order as we work to further develop our operations and establish Marathon as one of the leading Bitcoin miners in North America.

Antminer Sales Director for North, Central and South America (NCSA) at Bitmain Irene Gao commented, Marathon is a key customer of Bitmains, and we appreciate the opportunity to support their growth with another large order for 30,000 of the most powerful and efficient industries. minors. We look forward to continuing to collaborate and build on this mutually beneficial relationship.

The story continues

Notice to Investors 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 year ended. December 31, 2020. If any of these risks were to occur, our business, financial condition or results of operations would likely be adversely affected. In this case, the value of our securities could fall and you could lose some or all of your investment. The risks and uncertainties we describe are not the only ones we face. Additional risks that we are not currently aware of or that we currently consider to be negligible may also adversely affect 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 future results. Future changes in the network-wide mining difficulty rate or Bitcoin hash rate can also significantly affect the future performance of Bitcoin production by Marathon. Additionally, all discussions of financial measures assume mining difficulty rates from August 2021. See “Safe Harbor” below.

Forward-looking statements Statements made in this press release include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified. by the use of words such as may, will, plan, should, expect, anticipate, estimate, continue, or comparable terminology. These forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which cannot be predicted with precision by the Company and some of which might not even be anticipated and involve factors which may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are encouraged to consider the factors listed above as well as additional factors under the heading Risk Factors in the Company’s Annual Reports on Form 10-K, such as that they can be supplemented or modified. by the company’s quarterly reports on Form 10-Q. The Company assumes no obligation to update or supplement any forward-looking statements that become false due to subsequent events, new information or otherwise.

About Marathon Digital Holdings Marathon is a digital asset technology company that operates cryptocurrencies with a focus on the blockchain ecosystem and digital asset generation.

Marathon Digital Holdings Company Contact: Charlie Schumacher Phone: 800-804-1690 Email: [email protected]

Jason Assad Phone: 678-570-6791 Email: [email protected]

[ad_2]