Marathon Digital Holdings Announces Bitcoin Production and Mining Updates for June 2021

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Total Bitcoin holdings will rise to around 5,784 BTC as Marathon produces 265.6 BTC in June 2021 and completes construction of container facilities in Hardin, MT

Planned delivery of minors per month

Planned delivery of minors per month

Planned delivery of minors per month

LAS VEGAS, July 02, 2021 (GLOBE NEWSWIRE) – Marathon Digital Holdings, Inc. (NASDAQ: MARA) (“Marathon” or “Company”), one of the largest self-mining Bitcoin companies in America Nord, today released Unaudited Bitcoin Production (BTC) and Miner Installation Updates for June 2021.

Company highlights as of July 1, 2021

Produced 265.6 new bitcoin minted in June 2021, bringing total bitcoin holdings to around 5,784 with a fair market value of around $ 201.6 million

Cash was around $ 170.6 million and total liquidity, defined as cash and bitcoin holdings, was around $ 372.2 million.

Received approximately 18,702 S-19 Pro ASIC miners from Bitmain to date with an additional 1,056 S-19 Pro ASIC miners currently in transit

Increase of the active mining fleet to around 19,395 miners, generating around 2.09 EH / s

Completion of the construction of the containers that house the mining platforms at the Companys mining facility in Hardin, MT

Bitcoin Production Update As of July 1, 2021, the Marathons mining fleet produced approximately 846 newly minted bitcoins in 2021. Per month, the company’s bitcoin production was as follows:

January 2021: 50.4 BTC

February 2021: 43.4 BTC

March 2021: 97.9 BTC

April 2021: 162.1 BTC

May 2021: 226.6 BTC

June 2021: 265.6 BTC

As a result, Marathon currently holds around 5,784 BTC, including the 4,812.66 BTC that the Company purchased in January 2021 for an average price of $ 31,168 per BTC. As of July 1, 2021, the fair market value of a bitcoin was approximately $ 34,855, implying that the approximate fair market value of Marathons’ current holdings of bitcoin is approximately $ 201.6 million.

Mining Facilities and Hashrate Growth During the month of June, Marathon completed construction of the remaining containers that will house approximately two-thirds of Companys mining rigs at its facility in Hardin, MT. The rest of the miners will be housed in a new structure currently under construction. All containers at Hardin have been built and are ready to receive new miners according to previously published delivery schedules of 1,800 in July, 7,000 in August and the final installment of approximately 3,200 in September, after which the Company will begin. to install its 73,000 others. miners at a new 300 megawatt facility in Texas, hosted by Compute North.

The story continues

As of July 1, 2021, Bitmain had delivered approximately 18,702 S-19 Pro ASIC miners to Companys mining facility in Hardin, MT, all of which were delivered on time and as scheduled. During the month of June, Marathon installed 1,740 new miners, bringing the company’s active mining fleet to approximately 19,395 miners, generating approximately 2.09 EH / s.

New miners continue to be installed daily. Based on current delivery and installation schedules, Marathon continues to expect all previously purchased miners to be fully installed by the end of the first quarter of 2022, when the Companys mining fleet will be completed. will consist of approximately 103,120 miners, generating approximately 10.37 EH / s.

As of June 30, 2021, 1,056 minors have been received or are in transit, with the balance expected in July due to global logistical delays. Future deliveries are expected as initially planned.

Management Commentary In June, we produced 265.6 bitcoins, which is an increase of 17% from the 226.6 bitcoins we produced in May, and we increased our hash rate to 2.09 EH / s after installing 1,740 other miners, said Fred Thiel, CEO of Marathons. We have also completed construction and preparation of the remaining containers that will house our mining rigs in Hardin, MT. As a result, we are well positioned to receive and install the remaining miners in Hardin before turning to the new facility in Texas, which will house the majority of our miners and will be 100% carbon neutral.

May, June and July are slower delivery months as the majority of our miners are expected to be delivered this fall. We are therefore taking this opportunity to proactively perform maintenance and upgrades on a portion of our existing containers and systems before delivery times accelerate and to prepare for the expected decrease in the global hash rate. . These preparatory actions resulted in some of our miners being taken offline in June, temporarily lowering our hashrate. However, we have further increased our bitcoin production month after month, and we are now better prepared to receive the large deliveries to come and take advantage of the expected favorable mining conditions.

Given our current delivery schedule and macro events affecting the global network hashrate, Marathon remains uniquely positioned to evolve and thrive in today’s mining environment.

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 hashrate could also significantly affect the future performance of Bitcoin production by Marathon. Additionally, all discussions of financial measures assume mining difficulty rates as of July 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 may 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 HoldingsMarathon 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: Jason Assad Phone: 678-570-6791 Email: [email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/04d1280f-5f17-48e8-83b7-97d768a91264

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