Marathon Digital : Investor Presentation

Securing and Supporting the Bitcoin Ecosystem

NASDAQ: MARA | MAR 2024

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. 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.

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, as amended, for the fiscal year ended December 31, 2023. 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.

NASDAQ: MARA | 02

Marathon - We Think Outside the Blocks

Our Business

• Converting electricity into economic value with the most efficient hardware available
• Developing new technologies to advance the Bitcoin mining network

Our Strategy

• Vertically Integrated Technology
• Software + hardware + infrastructure
• Bitcoin Treasury
• 16,930 BTC held (unrestricted February 2024)1
• Diversified Operations
• 28.7 EH/s energized combined at 11 sites across three continents.2
• Sustainably Powered
• 100% carbon neutral in 2023, 55% of energy from sustainable sources 4Q233

Increasing Energized Hash Rate3 102% By 20254

50
							50.0
45
					+43%
40
35
	Increased energized		+42%	35.0
30
	hash rate 253% YoY		0.5
25				4.0
		4.1
20
	3.9
15
2.1				24.7
10
	11.5	17.7	19.1
5
7.0
0
Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	2024		2025
	Energized Hash Rate (EH/s)	Installed Not Yet Energized Hash Rate
	Projected Energized Hash Rate

Definitions and Notes:

Energized hash rate is the amount of hash rate based on the manufacturers' specifications that could theoretically be generated if all miners that have been energized are currently in operation. Approximately 55% of the electricity used to power our mining operations was generated by sustainable sources of energy (as of December 31, 2023).

NASDAQ: MARA | 03

Setting the Pace for the Bitcoin Mining Industry

ONE OF THE LARGEST	EFFICIENTLY SCALING &
& MOST LIQUID MINERS	EXPANDING OPERATIONS

TICKER	HASH RATE
28.7 EH/s	~50 EH/s
NASDAQ: MARA
	Energized (as of 2/29/24)5	BY YE 20256

CLOSING SHARE PRICE	FLEET EFFICIENCY
$25.90	24.5 J/TH
AS OF 2/29/248	AS OF 2/29/249

MARKET CAP & VOLUME	AVG. DAILY BTC PRODUCED
$6.3B	80.9M	28.7 BTC	32 BTC
AS OF 2/29/2411	AVG. 30-DAY VOLUME (2/29/24)12	February 202413	2024 YTD THROUGH 2/29/2414

Definitions and Notes:

Total cash plus BTC treasury is the sum of unrestricted cash and cash equivalents and unrestricted BTC. Due to rounding, the figures may not add up exactly.

PROACTIVELY

MANAGING LIQUIDITY

UNRESTRICTED CASH & CASH EQUIVALENTS

$425.6M

AS OF 2/29/247

UNRESTRICTED BTC

16,930 BTC (c.$1.0B)

AS OF 2/29/2410

TOTAL CASH + BTC TREASURY1

$1.5B

AS OF 2/29/2315

NASDAQ: MARA | 04

Increasing Hash Rate, BTC Production, Efficiency, and Market Share

			Operational Hash Rate (EH/s)16	24.7						Bitcoin Mined17
25									5000
							+29%											+22%	₿4,242
20							19.1			4000
																	₿3,490
					17.7										₿2,926
											3000
15													₿2,195
		11.5
											2000
10											₿1,562
7.0
5											1000
										0
0
											Q4	2022	Q1	2023	Q2	2023	Q3	2023	Q4	2023
	Q4	2022	Q1	2023	Q2	2023	Q3	2023	Q4	2023

			Average Fleet Efficiency (J/TH)18					Share of Bitcoin Miner Rewards19
40												5.00%
																		+40 bps	4.4%
30.9	29.9								4.00%							4.0%
30			27.3	25.8	-5%							3.3%
									24.5
												3.00%
20														2.5%
											2.00%	1.8%
10
											1.00%
0												0.00%
	Q4	2022	Q1	2023	Q2	2023	Q3	2023		Q4	2023		Q4	2022	Q1	2023	Q2	2023	Q3	2023	Q4	2023

Definitions and Notes:

Share of bitcoin miner rewards defined as Marathon's mining rewards in the period divided by total network rewards available in the period.

NASDAQ: MARA | 05

Proactive Treasury Management: Building Cash and Bitcoin Reserves While Paying Down Debt

TOTAL SHORT-TERM LIQUIDITY: $1.5 BILLION20

Unrestricted Bitcoin Holdings

Unrestricted Cash & Cash Equivalents

$1,600M

$1,400M

$1,200M

$1,000M

$800M

$600M

$400M

$200M

$0M

	23		23		23		23		23		23		23		23		23		23		23		24		24
-		-		-		-		-		-		-		-		-		-		-		-		-
Feb		Mar		Apr		May		Jun		Jul		Aug		Sep		Oct		Nov		Dec		Jan		Feb

TOTAL LONG-TERM DEBT: $325.7 MILLION21

	Short-Term Debt	Long-Term Debt
$900M
$800M
$700M
	Reduced Long-Term
$600M

$500M	Debt 58% YoY
$400M
$300M
$200M
$100M

$0M

Q4

2022

Q1

2023

Q2

2023

Q3

2023

Q4

2023

Definitions and Notes:

Short-term liquidity is the sum of unrestricted cash and cash equivalents and unrestricted bitcoin holdings.

Long-term debt only reflects notes payable. As of December 31, 2023, the Company had $0.0 in short-term debt obligations (excluding accounts payables).

NASDAQ: MARA | 06

Vertically Integrated Tech Stack Improves Operational Efficiency and Enhances Economic Moat

SOFTWARE

MARAPOOL

• Self-owned& operated mining pool
• Reduces latency & increases transparency

Mining

Technology

Stack

FIRMWARE

HARDWARE

INFRASTRUCTURE

Custom Controller Boards

• Proprietary firmware optimizes our miners' performance
• Better curtailment times & improved temperature control & voltage protection

ASICs

• Investing in the most advanced ASICs
• Believed to be one of the most energy efficient mining fleets (24.5 J/TH)

Immersion Cooling

• Reduces maintenance of miners & overcomes challenging climates
• Designing next-gen cooling systems

NASDAQ: MARA | 07

1. Diversified, Portfolio Approach to Bitcoin Mining

Each Bitcoin mining deployment comes with its own set of constraints, and each requires a curated approach. We adapt accordingly. Over time, we have used different strategies and structures to build a portfolio of Bitcoin mining operations that is designed to diversify risk across our organization.

Self-Hosting / Vertically

Integrated / Joint Ventures

• Optimizes for bespoke design
• Optimizes for lowest operating cost
• Optimizes for optionality of scaling as needed

Third-Party Hosting

• Optimizes for rapid deployment
• Optimizes for capex - shifts burden and risk to hosting provider, maximizes capex available to invest in mining rigs
• Optimizes for optionality - ability to move at end of term w/o abandoning infrastructure investment

NASDAQ: MARA | 08

Marathon's Portfolio Approach To Bitcoin Mining Assets

Applying Portfolio Theory To

Bitcoin Mining Assets

Third-Party Hosted

Self-Hosted

Bitcoin Reserves

Cash

Non-Mining Revenue

Key Advantages

Rapid deployment; outperforms in bull cycles

Lower operating cost and greater control; outperforms in bear cycles

Hedge against currency risk and inflation; historical strong performance as an asset

Short-term "dry powder"; provides liquidity to take advantage of attractive opportunities

Potential to monetize proprietary technology in non- Bitcoin mining sectors

NASDAQ: MARA | 09

Building the Bitcoin Mining

Portfolio - The Acquisition of

Marathon's First Fully

Owned and Operated Sites

Granbury, TX

Kearney, NB

Garden City, TX

NASDAQ: MARA | 10