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 November 2023.
Management Commentary“In
November, we increased our domestic energized hash rate 20% to 23.1
exahashes as energization of the facility in Garden City, Texas is
complete,” said Fred Thiel, Marathon’s chairman and CEO. “We have
now reached our 23 exahash goal and extended our lead as the
largest bitcoin miner in North America.
“Outside the US, we made further progress in Abu
Dhabi where we now have 2.5 exahashes online. This total includes
10,000 rigs energized at our second, larger facility in Masdar
City, and the remaining 4.6 exahashes are expected to be online by
January 2024. Our new joint venture in Paraguay also started up in
November with 1,170 miners energized representing 0.2 exahash. The
full 1.1 exahashes are expected to be online by early Q2 2024.
“With our increasing hash rate and continued
efficiency gains, we produced 1,187 bitcoin in November, down 1%
from October against a 9% sequential increase in network
difficulty. This total includes 33 bitcoin from our 20% share of
the JV in Abu Dhabi and 3.5 bitcoin from our 80% share of the JV in
Paraguay. In the US, we mined 1,151 bitcoin in November which
includes approximately 135 bitcoin or 12.0% of the total from
transaction fees due to increased network activity.
“We continue to explore innovative ways to lower
our power costs and increase our mix of sustainable energy. Our
landfill pilot in Utah is powered by waste methane gas with an
average cost per coin below $10,000. The new joint venture in
Paraguay is 100% powered by hydroelectricity with power costs below
$0.04 per kilowatt hour. We are also making progress on finding
ways to leverage the heat off take from Bitcoin mining to further
improve the economics around renewable energy development. We look
forward to sharing more details on the many innovative projects
that we are exploring in the months ahead.”
Operational Highlights and
Updates
Figure 1: U.S. Operational Highlights
In November, approximately 27,200 of Marathon’s
Bitcoin miners (c. 3.8 EH/s) were energized at Applied Digital’s
facility in Garden City, Texas. This energization increased the
Company’s domestic operating fleet by 17% to approximately 184,400
Bitcoin miners, theoretically capable of producing approximately
23.2 EH/s, according to the manufacturer’s specifications as of
December 1, 2023.
The Company’s average fleet efficiency, based on
manufacturers’ specifications, was 24.4 J/TH (joules per terahash)
as of December 1, 2023. Once fully deployed, Marathon’s U.S. fleet
efficiency is expected to be approximately 24 J/TH, according to
the manufacturers’ specifications.
Figure 2: Operational Details by Site
Marathon and its hosting provider further
increased uptime in McCamey, TX from 86% in October to 90% in
November. These improvements helped grow average operational hash
rate at this facility by 4% to 6.9 EH/s. The Company is continuing
to optimize its operations to maximize efficiency and lower
operating costs.
Financial Highlights and
Updates
Figure 3: Financial Highlights
As of November 30, the Company holds a total of
14,025 unrestricted BTC. Marathon opted to sell 700 BTC or 59% of
monthly production to cover operating expenses. The Company intends
to sell a portion of its bitcoin holdings in future periods to
support monthly operations, manage its treasury, and for general
corporate purposes. The previous hedges expired at the end of
November and were primarily settled in BTC. There were no active
hedges as of November 30, 2023.
Marathon held $273.1 million in cash and cash
equivalents on its balance sheet at month end, all of which was
unrestricted. During November, the combined balance of unrestricted
cash and cash equivalents and bitcoin increased from $620.3 million
to $802.3 million at November 30, 2023. In anticipation of the next
Bitcoin network halving, the Company continues to build liquidity
on the balance sheet to capitalize on strategic opportunities,
including industry consolidation.
Investor Notice 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 fiscal year ended December 31, 2022, filed with the SEC on
March 16, 2023. 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 hash rate 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 December 2023. See
"Forward-Looking Statements" 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.
Such forward-looking statements are inherently subject to certain
risks, trends and uncertainties, many of which the Company cannot
predict with accuracy and some of which the Company might not even
anticipate and involve factors that 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 advised to consider the factors listed above
together with the additional factors under the heading “Risk
Factors” in the Company's Annual Reports on Form 10-K, as may be
supplemented or amended by the Company's Quarterly Reports on Form
10-Q. The Company assumes no obligation to update or supplement
forward-looking statements that become untrue because of subsequent
events, new information or otherwise.
About Marathon Digital Holdings
Marathon is a digital asset technology company that focuses on
supporting and securing the Bitcoin ecosystem. The Company is
currently in the process of becoming one of the largest and most
sustainably powered Bitcoin mining operations in North America.
For more information, visit www.mara.com, or
follow us on:
Twitter: @MarathonDHLinkedIn:
www.linkedin.com/company/marathon-digital-holdings Facebook:
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@marathondigitalholdings
Marathon Digital
Holdings Company Contact:
Telephone: 800-804-1690Email: ir@mara.com
Marathon Digital Holdings Media
Contact:Email: marathon@wachsman.com
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