- Produced 360 BTC in
September 2022 and 616 BTC in Q3 2022 - Total Bitcoin Holdings Increased to 10,670 BTC with a fair market value of
$207.3 Million - Current Operations and Energization at King Mountain Wind Farm Continue in Line with Previous Expectations
Management Commentary
“During the third quarter, we sequentially improved our bitcoin production as we successfully transitioned out of our facility in
“Our operations at the
Recent Highlights
- Produced 616 BTC in Q3 2022. As the Company successfully transitioned out of its facility in
Hardin, MT and began scaling operations at new facilities, bitcoin production during the quarter improved sequentially as follows:July 2022 : 72 BTCAugust 2022 : 184 BTCSeptember 2022 : 360 BTC
- As of
September 30 , operating mining fleet consisted of approximately 37,000 active miners, producing approximately 3.8 EH/s, after approximately 3,000 miners (c. 0.3 EH/s) were successfully energized duringSeptember 2022 - As of
October 5 , operating mining fleet consisted of approximately 57,000 active miners, producing approximately 5.7 EH/s, after approximately 19,000 additional miners (c. 2.0 EH/s) were energized subsequent to the quarter’s end - Year-to-date through
September 30, 2022 , produced 2,582 BTC, a 23% increase over the same time period in the prior year - Benefitted from a downward market price adjustment for the S19 XPs set to ship in October; benefits from price adjustments expected to continue as additional XPs are shipped in November and December
- Total bitcoin holdings increased to 10,670 BTC with a fair market value of approximately
$207.3 million as ofSeptember 30, 2022 - Unrestricted bitcoin holdings were approximately 6,841 BTC with a fair market value of approximately
$132.9 million - Unrestricted cash on hand was approximately
$55.3 million atSeptember 30, 2022 - Successfully completed the exit from
Hardin, MT facility on schedule with allHardin miners resold or redeployed. Proceeds from the sales ofHardin miners totaled approximately$47.5 million
Compute North Bankruptcy Updates
On
The Compute North entities associated with both the
Marathon is currently in the process of relocating approximately 3,000 of its miners from Compute North’s facilities in
Marathon’s financial exposure to Compute North from investments includes
Miner Energization and Installations Updates
In September, approximately 3,000 of Marathon’s previously installed miners, representing approximately 0.3 EH/s, were successfully energized and brought online. As a result, the Company’s hash rate increased to approximately 3.8 EH/s (c. 37,000 active miners) as of
Since that date, an additional 19,000 of Marathon’s miners have been energized, increasing the Company’s hash rate to approximately 5.7 EH/s as of
Once all of Marathon’s previously purchased miners are installed, approximately 66% of the Company’s hash rate is expected to be generated by S19 XPs, which are approximately 30% more energy efficient than the prior generation. As a result, once fully operational, Marathon’s Bitcoin mining operations are currently expected to be among the largest and most energy efficient on a per terahash basis.
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
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 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
Telephone: 800-804-1690
Email: ir@mara.com
Source:
2022 GlobeNewswire, Inc., source