Marathon Digital : Investor Presentation

Securing & Supporting the

Bitcoin Ecosystem

NASDAQ: MARA

OCTOBER 2022

SAFE HARBOR STATEMENT

Statements made in this presentation 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, as amended. 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.

DISCLAIMER

This presentation is not intended to be and should not be considered as forward-looking statements by the Company. It is impossible to forecast what the price of bitcoin, hash rate, or the difficulty rate will be on any specific date, including during 2023, when all the Company's miners are expected to be deployed. This presentation is for illustrative purposes only to provide the reader with an estimate of the Company's potential gross revenue, mining power and hosting costs, which might be attained if all miners were deployed as of a specific date and with certain parameters used, as set forth below. The parameters used were network hash rate projections from BitOoda's research reports and bitcoin price ranging from $19,000 - $40,000.

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, 2021. 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. Lastly, with the current worldwide situation caused by COVID-19, there can be no assurances as to when we may see any long- term sustained recovery in the bitcoin market, and if so, whether any recovery might be significant.

NASDAQ: MARA | OCT 2022 | 2

Recent Company Highlights

TICKER SYMBOL

MARA

RECENT CORPORATE UPDATES

Share Price	$11.07	$55.3 Million in Unrestricted Cash
		AS OF SEPT 30, 20222
Market Cap	$1.3B	$132.9 Million in Unrestricted BTC (6,841 BTC)
		AS OF SEPT 30, 20222
Shares Issued & Outstanding	116.8M	57,000 Miners in Operation 5.7 EH/s
		AS OF OCT 5, 20222
Avg. Daily Trading Volume	18.7M	Transitioned Out of Hardin, MT Facility in
		September 2022
AS OF OCT 19, 20221		AS OF SEPT 30, 20222

NASDAQ: MARA | OCT 2022 | 3

Marathon at-a-Glance

AGILE, SCALABLE, & SUSTAINABLE

OUR MISSION

To support the development and security of the world's first public blockchain (Bitcoin) by building one of the largest, most agile, and most sustainably operated bitcoin mining operations in the world.

OUR STRATEGY

Invest in Miners > Infrastructure

Prioritize efficiency and minimize costs

OUR FOCUS

Increasing hash rate (probability of earning bitcoin)

Growing from 3.7 EH/s in September 2022 to 23 EH/s in mid 2023

OUR IMPACT

Deploying at renewable power stations

On track to be 100% carbon neutral

Returning energy back to the grid in times of crisis

Operating with low costs of power + hosting

Strong relationships with multiple hosting companies and energy providers

PROJECTED HASH RATE GROWTH

23 EH/s Once Fully

Deployed

Increasing hash rate by over 6x from Q3 2022 to MID 2023

13.4 EH/s

11.5 EH/s

3.7 EH/s

Q3 2022	Q4 2022	Q1 2023	MID 2023
		MARA'S CURRENT		MARA'S PROJECTED
		HASH RATE - 9/30/22		HASH RATE (EH/S) 3

NASDAQ: MARA | OCT 2022 | 4

Scale + Low Cost of Operations à

Resilience & Leverage

In 2023, once all 23 EH/s of miners are installed & energized…

Bitcoin "Bear" Case

Base Case

Bitcoin "Bull" Case

Potentially Higher BTC Production

Potentially Improved Financial Performance

Price of Bitcoin

$19,200

Price of Bitcoin

$26,560

Price of Bitcoin

$38,840

Total Network's Hash Rate

288 EH/s

Total Network's Hash Rate

332 EH/s

Total Network's Hash Rate

356 EH/s

Marathon's % of the Total Bitcoin

7.9%

Marathon's % of the Total Bitcoin

6.9%

Marathon's % of the Total Bitcoin

6.4%

Network's Hash Rate

Network's Hash Rate

Network's Hash Rate

Per Day

Per Month

Per Year

Per Day

Per Month

Per Year

Per Day

Per Month

Per Year

BTC

BTC

BTC

70

2,170

26,040

61

1,880

22,560

57

1,760

21,120

Produced

Produced

Produced

Revenue

$1.4M

$41.7M

$500.4M

Revenue

$1.65M

$50.0M

$600.5M

Revenue

$2.2M

$68.2M

$818.9M

*See slide 33 for detailed overview of assumptions.

NASDAQ: MARA | OCT 2022 | 5