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

196 Bitcoins produced in the first quarter of 2021 increase the total stock of Bitcoin to approximately 5,134.2 BTC

Projected hashrate

Projected hashrate

Projected hashrate

LAS VEGAS, April 5, 2021 (GLOBE NEWSWIRE) – Marathon Digital Holdings, Inc. (NASDAQ:MARA) (“Marathon” or “Company”), one of the largest Bitcoin self-mining companies in North America, today released unaudited updates on Bitcoin production (“BTC”) and miner installation for the first quarter ending March 31, 2021.

Preliminary highlights of the first quarter of 2021

  • 196 newly minted bitcoins were produced in the first quarter of 2021, bringing the total inventory of bitcoin to 5,134.2 and its market value as of March 31, 2021 at approximately $ 301.9 million

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

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

Bitcoin production update
In the first quarter of 2021, Marathon’s mining fleet produced 196 newly minted bitcoins. During the 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. As of March 31, 2021, the market value of one bitcoin was approximately $ 58,800, which means that the approximate market value of Marathon’s current bitcoin holdings is $ 301.9 million.

Miner installs and hash rate growth
As of March 31, 2021, Bitmain has delivered approximately 10,300 S-19 Pro ASIC miners to the company’s Hardin, MT mining facility, all of which were delivered on time and on schedule. While Marathon continues to expand its mining facility in Hardin, MT and install miners, adverse weather conditions in March created temporary headwinds during the installation. As a result, the company’s active mining fleet at the end of the first quarter of 2021 consisted of approximately 6,800 miners producing approximately 0.71 EH / s. New miners are installed every day. Based on the current delivery and installation plans, Marathon continues to expect all previously purchased miners to be fully installed by the end of the first quarter of 2022.

The story goes on

Delivery schedule of the miners
While delivery schedules may change due to macro factors including but not limited to weather, customs clearance, shipping logistics, etc., the company currently expects to receive 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

It is currently expected that all miners will be installed and fully functional by March 31, 2022. At this point, Marathon’s total mining fleet will consist of 103,120 miners producing approximately 10.37 EH / s. Based on the current schedules, Marathon’s hashrate is expected to scale as follows:

A photo accompanying this announcement is available at

Management comment
“Our business is in the midst of a profound change,” said Merrick Okamoto, chairman and CEO of Marathon. “As can be seen from our Bitcoin production numbers for the first quarter, we are clearly starting to scale as new miners come online every day. We had 3,000 miners installed at our Hardin facility in the first ten days of March before adverse weather conditions affected our installation schedule. Fortunately, these delays were only temporary. Bitmain’s shipments continued to arrive on schedule. Given the ability of our team to adapt to changing circumstances, we remain well positioned to continue growing our mining operations. At the beginning of 2021, our mining fleet consisted of 2,560 miners producing 0.25 EH / s. By the beginning of 2022, our mining fleet will consist of 103,120 miners and generate 10.37 EH / s. This corresponds to an increase in performance of 4,081% in approximately one year.

“To help our investors better model our rapid growth, we decided to publish a schedule outlining when we would receive the miners we already bought from Bitmain. This schedule is subject to change, of course, but we hope the added transparency will allow investors to better understand Marathon’s growth potential. Given the current price of Bitcoin and the clear pathway to make Marathon one of the largest Bitcoin mining companies in North America, we believe we are well positioned to continue executing our strategy through 2021. “

Notice to investors
Investing in our securities involves a high level of risk. Before making any 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 Should any of these risks arise If this were to happen, our business, financial and earnings position would likely suffer. If so, the value of our securities could decrease and you could lose part or all of your investment. The risks and uncertainties we describe aren’t the only ones we face. Additional risks that are not currently known to us or that we currently consider to be insignificant can also affect our business activities. 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 network-wide mining difficulty or bitcoin hashrate can also have a significant impact on the future performance of marathon production of bitcoin. In addition, a level of difficulty in mining from March 2021 is assumed in all discussions about financial metrics. See “Safe Haven” below.

Forward-Looking Statements
The statements made in this press release contain 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 a similar terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the company cannot accurately predict and some of which may not even anticipate and include factors that could cause actual results to differ materially from those projected or projected differ recommended. Readers are cautioned not to place undue reliance on these forward-looking statements and are encouraged to consider the factors listed above along with the additional factors under the heading “Risk Factors” in the Company’s Annual Reports on Form 10-K, which May be supplemented or modified 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 as a result of subsequent events, new information or for other reasons.

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

Marathon Digital Holdings Company contact:
Jason Assad
Phone: 678-570-6791

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

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