Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for the First Quarter of 2021

196 Bitcoins Produced During the First Quarter of 2021 Increases Total Bitcoin Holdings to Approximately 5,134.2 BTC

LAS VEGAS, April 05, 2021 (GLOBE NEWSWIRE) -- Marathon Digital Holdings, Inc. (NASDAQ:MARA) ("Marathon" or "Company"), one of the largest enterprise Bitcoin self-mining companies in North America, today published unaudited bitcoin (“BTC”) production and miner installation updates for the first quarter, ended March 31, 2021.

Preliminary First Quarter 2021 Highlights

  • Produced 196 new minted bitcoins in the first quarter of 2021, increasing total bitcoin holdings to 5,134.2 with a fair market value of approximately $301.9 million as of March 31, 2021

  • At March 31, 2021, cash on hand was approximately $212 million and total liquidity, defined as cash and bitcoin holdings, was approximately $513.9 million

  • Received approximately 10,300 S-19 Pro ASIC miners from Bitmain during the first quarter of 2021 

Bitcoin Production Update
In the first quarter of 2021, Marathon’s mining fleet produced 196 newly minted bitcoins. By month, the Company’s bitcoin production was as follows:

  • January 2021: 50.4 BTC

  • February 2021: 43.4 BTC

  • March 2021: 102.3 BTC

As a result, Marathon currently holds approximately 5,134.2 BTC, including the 4,812.66 BTC the Company purchased in January 2021 for an average price of $31,168 per BTC. On March 31, 2021, the fair market value of one bitcoin was approximately $58,800, implying that the approximate fair market value of Marathon’s current bitcoin holdings is $301.9 million.

Miner Installations and Hash Rate Growth
As of March 31, 2021, Bitmain has delivered approximately 10,300 S-19 Pro ASIC miners to the Company’s mining facility in Hardin, MT, all of which were delivered on time and as scheduled. While Marathon continues to build out its Hardin, MT mining facility and install miners, adverse weather conditions in March created temporary installation headwinds. As a result, the Company’s active mining fleet at the end of the first quarter of 2021 consisted of approximately 6,800 miners, generating approximately 0.71 EH/s. New miners are being installed on a daily basis, and 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.

Delivery Schedule of Miners
While delivery schedules are subject to change given macro factors including but not limited to weather, customs processing, shipping logistics, etc., the Company currently anticipates receiving miners from Bitmain as follows:

  • April 2021: 4,800 miners

  • May 2021: 1,800 miners

  • June 2021: 1,800 miners

  • July 2021: 1,800 miners

  • August 2021: 7,000 miners

  • September 2021: 8,100 miners

  • October 2021: 10,500 miners

  • November 2021: 14,700 miners

  • December 2021: 24,500 miners

  • January 2022: 15,200 miners

All miners are currently expected to be installed and fully operational by March 31, 2022. At that time, Marathon’s total mining fleet will consist of 103,120 miners generating approximately 10.37 EH/s. Based on current schedules, Marathon’s hashrate is expected to scale as follows:

A photo accompanying this announcement is available at

Management Commentary
“Our business is in the midst of undergoing a substantial transformation,” said Merrick Okamoto, Marathon’s chairman and CEO. “As our first quarter bitcoin production numbers indicate, we are clearly beginning to scale as new miners come online on a daily basis. In the first ten days of March, we had installed 3,000 miners at our Hardin facility before our installation schedule was impacted by adverse weather conditions. Fortunately, these delays were temporary. Bitmain’s shipments have continued to arrive as scheduled, and given our team’s ability to adapt to changing circumstances, we remain well positioned to continue building out our mining operations. At the start of 2021, our mining fleet consisted of 2,560 miners, generating 0.25 EH/s. By early 2022, our mining fleet will consist of 103,120 miners, generating 10.37 EH/s. That is a 4,081% increase in power in approximately one year.

“To help our investors better model our rapid growth, we have opted to publish a timeline that outlines when we expect to receive the miners that we have already purchased from Bitmain. This timeline is, of course, subject to change, but it is our hope that the added transparency will allow investors to better understand Marathon’s growth potential. Given Bitcoin’s current price and the clear path we are on to scale Marathon into one of the largest enterprise Bitcoin mining operations in North America, we believe we are well positioned to continue executing on our strategy throughout 2021.”

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 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. 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:
Jason Assad
Telephone: 678-570-6791

Marathon Digital Holdings Investor Contact:
Gateway Investor Relations
Matt Glover and Charlie Schumacher
Telephone: 949-574-3860

Primary Logo

Projected Hashrate

Projected Hashrate
Source: Marathon Digital Holdings, Inc.