Marathon Digital Holdings Purchases 30,000 S19j Pro Bitcoin Miners from Bitmain
02 August 2021 - 10:00PM
Marathon Digital Holdings,
Inc. (NASDAQ:MARA)
("Marathon" or "Company"), one of the largest
enterprise Bitcoin mining companies in North America, has
entered into 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 anticipates all
30,000 newly purchased miners to ship from Bitmain between January
2022 and June 2022. As a result, the Company’s mining operations
are expected to consist of more than 133,000 Bitcoin miners,
producing approximately 13.3 EH/s once all miners are fully
deployed and operational. If all of Marathon’s miners were deployed
today, the Company’s hash rate would represent approximately 12% of
the Bitcoin network’s total hash rate, which was approximately 109
EH/s as of August 1, 2021.
“Increasing our percentage of the total network’s hash rate
increases our probability of earning bitcoin, and given the
uniquely favorable conditions in the current mining environment, we
believe it is an opportune time to add new miners to our
operations,” said Fred Thiel, Marathon’s CEO. “With this new order,
we are growing our operations by 30% to approximately 133,000
miners, producing 13.3 EH/s. As a result, once all miners are fully
deployed, our mining operations will be among the largest, not just
in North America, but globally. We’d like to thank the team at
Bitmain for expediting this order as we work to further scale our
operations and establish Marathon as one of the leading Bitcoin
miners in North America.”
Antminer Sales Director of North, Central, and South America
(NCSA) at Bitmain Irene Gao commented, “Marathon is a key
customer of Bitmain’s, and we appreciate the opportunity to support
their growth with another large order for 30,000 of the industry’s
most powerful and efficient miners. We look forward to continuing
to collaborate and build upon this mutually beneficial
relationship.”
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, 2020. 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 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. 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 mines cryptocurrencies with a focus on the blockchain
ecosystem and the generation of digital assets.
Marathon Digital
Holdings Company Contact: Charlie
SchumacherTelephone:
800-804-1690Email: charlie@marathondh.com
Jason Assad Telephone:
678-570-6791 Email: Jason@marathondh.com
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