– Achieved a New File in Quarterly BTC Manufacturing
– Produced 475 BTC in December 2022, 1,562 BTC in This autumn 2022, and 4,144 BTC In Fiscal Yr 2022
– Elevated Unrestricted Money to $103.7 Million and Unrestricted Bitcoin Holdings to 7,815 BTC as of December 31
LAS VEGAS, Jan. 05, 2023 (GLOBE NEWSWIRE) — Marathon Digital Holdings, Inc. (NASDAQ:MARA) (“Marathon” or “Firm”), a pacesetter in supporting and securing the Bitcoin ecosystem, as we speak revealed unaudited bitcoin (“BTC”) manufacturing and miner set up updates for December 2022.
“In 2022, we made important progress in rising our hash charge whereas additionally transitioning to extra sustainable energy sources,” stated Fred Thiel, Marathon’s Chairman and CEO. “Regardless of challenges earlier within the 12 months, we doubled our hash charge to 7.0 exahashes per second year-over-year, with a majority of it now positioned on the King Mountain wind farm in West Texas. We completed the 12 months with one in every of our best quarters up to now, producing 1,562 bitcoin within the fourth quarter.
“In December, we expanded our settlement with Utilized Digital to deploy roughly 12,000 S19 XPs, that are roughly 30% extra power environment friendly than the prior technology of servers, at their Jamestown facility in North Dakota. This web site is already constructed and operational, and our expectation is for miners to return on-line throughout the subsequent month. In Backyard Metropolis, installations of miners stay underway, as we now have roughly 2.1 exahashses put in and pending energization.
“We additionally took proactive measures to strengthen our liquidity place and improve the efficiency of our mining fleet. Given the macroeconomic uncertainty heading into 2023, we determined to totally pay down excellent balances below our revolving credit score settlement. This freed up bitcoin that was beforehand held as collateral, rising our unrestricted bitcoin holdings from 4,200 BTC as of November 30 to 7,815 BTC (roughly $129.3 million) as of December 31. We completed the 12 months with $103.7 million in money readily available.
“Throughout December, we examined overclocking and underclocking servers and commenced researching dual-phase immersion cooling methods. We additionally continued working with the brand new operator of the King Mountain web site on enhancing operations and the curtailment technique to optimize manufacturing. These efforts place us to develop our aggressive benefits additional and grow to be a extra environment friendly and resilient enterprise as we proceed to develop.
“As we enter 2023, we stay assured in our potential to scale Marathon into one of many largest and most power environment friendly Bitcoin mining operations globally. We’ve got hundreds of miners able to be energized over the approaching months, which we anticipate to greater than triple our present manufacturing capability to roughly 23 exahashes by mid-year.”
- Produced 475 BTC in December 2022 and 1,562 BTC in This autumn 2022
- Produced 4,144 BTC in fiscal 12 months 2022, a 30% enhance from 3,197 BTC produced in fiscal 12 months 2021
- As of January 1, working mining fleet consisted of roughly 69,000 lively miners, able to producing roughly 7.0 EH/s
- 2.1 EH/s is presently pending energization after 1,000 S19 XPs had been put in in December
- Relying on Utilized Digital’s energization timeline, the Firm expects to have between 12.0 EH/s and 15.0 EH/s on-line by March 31, 2023
- Diminished revolver borrowings from $30 million as of November 30 to $0 as of December 31, 2022
- Unrestricted bitcoin holdings on December 31, 2022 had been roughly 7,815 BTC with a good market worth of roughly $129.3 million
- Complete bitcoin holdings elevated to 12,232 BTC as of December 31, 2022
- Unrestricted money readily available was roughly $103.7 million at December 31, 2022
In November, Marathon started an immersion-cooled pilot mission, which includes submerging Bitcoin mining servers in a dielectric fluid to find out if the Firm can enhance the effectivity and/or efficiency of its operations. In December, Marathon’s workforce efficiently elevated the hash charge of an S19 J Professional by 20% whereas decreasing its energy draw on a per terahash foundation by roughly 4%. The Firm additionally elevated the hash charge of an S19 XP by 20%, marginally rising the variety of joules per terahash from 21.5 to 23.7 joules per terahash.
Marathon is routinely in search of methods to remain forward of the know-how curve, and our newest exploration is into the potential advantages of dual-phase immersion. Our preliminary findings recommend that this know-how may cut back capital expenditure on servers by roughly 10% versus conventional air-cooled setups and virtually 7% in comparison with single-phase immersion methods. That is achieved by eliminating the necessity for aluminum chassis, warmth synchs, and different elements, that are not required in dual-phase immersion cooling. As well as, power consumption may additionally be diminished by roughly 7% versus single-phase immersion methods, as dual-phase immersion will increase the warmth density by 2.5 instances, enabling extra servers to be racked intently collectively.
Whereas it stays to be seen if such enhancements in efficiency will be persistently replicated and carried out at scale, the Firm is inspired by these preliminary outcomes and their potential to probably enhance Marathon’s aggressive benefits.
Miner Energization and Installations Updates
In line with the newest data made publicly obtainable, building of amenities and set up of miners at Utilized Digital’s information heart websites stay underway as Utilized Digital awaits regulatory approval to energise its latest amenities.
In December, Marathon secured a further 33 megawatts of internet hosting capability with Utilized Digital at its Jamestown, North Dakota facility. Because of this new association the Firm expects to deploy roughly 12,000 S19 XPs within the coming month as this web site is absolutely constructed and has the required necessities for energization.
As of December 31, Marathon’s working fleet consists of roughly 69,000 bitcoin servers, theoretically able to producing roughly 7.0 EH/s when working at full capability. A further 2.1 EH/s is presently pending energization after a further 1,000 S19 XPs had been efficiently put in in Texas in the course of the month of December.
As soon as all of Marathon’s beforehand bought miners are put in, roughly 66% of the Firm’s hash charge is anticipated to be generated by S19 XPs, that are roughly 30% extra power environment friendly that the prior technology of mining servers. The Firm nonetheless expects to have roughly 23 EH/s of capability put in close to the center of 2023.
Investing in our securities includes a excessive diploma of danger. Earlier than investing resolution, you need to fastidiously think about the dangers, uncertainties and forward-looking statements described below “Threat Elements” in Merchandise 1A of our most up-to-date Annual Report on Kind 10-Okay for the fiscal 12 months ended December 31, 2021, filed with the SEC on March 10, 2022. If any of those dangers had been to happen, our enterprise, monetary situation or outcomes of operations would seemingly endure. In that occasion, the worth of our securities may decline, and you might lose half or your entire funding. The dangers and uncertainties we describe are usually not the one ones dealing with us. Extra dangers not presently identified to us or that we presently deem immaterial may additionally impair our enterprise operations. As well as, our previous monetary efficiency might not be a dependable indicator of future efficiency, and historic tendencies shouldn’t be used to anticipate outcomes sooner or later. Future adjustments within the network-wide mining issue charge or Bitcoin hash charge may additionally materially have an effect on the long run efficiency of Marathon’s manufacturing of bitcoin. Moreover, all discussions of economic metrics assume mining issue charges as of December 2022. See “Ahead-Wanting Statements” beneath.
Statements made on this press launch embody forward-looking statements throughout the that means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Trade Act of 1934. Ahead-looking statements will be recognized by means of phrases similar to “could,” “will,” “plan,” “ought to,” “anticipate,” “anticipate,” “estimate,” “proceed,” or comparable terminology. Such forward-looking statements are inherently topic to sure dangers, tendencies and uncertainties, lots of which the Firm can not predict with accuracy and a few of which the Firm may not even anticipate and contain components which will trigger precise outcomes to vary materially from these projected or steered. Readers are cautioned to not place undue reliance on these forward-looking statements and are suggested to think about the components listed above along with the extra components below the heading “Threat Elements” within the Firm’s Annual Studies on Kind 10-Okay, as could also be supplemented or amended by the Firm’s Quarterly Studies on Kind 10-Q. The Firm assumes no obligation to replace or complement forward-looking statements that grow to be unfaithful due to subsequent occasions, new data or in any other case.
About Marathon Digital Holdings
Marathon is a digital asset know-how firm that focuses on supporting and securing the Bitcoin ecosystem. The Firm is presently within the technique of turning into one of many largest and most sustainably powered Bitcoin mining operations in North America, whereas remaining asset gentle.
Marathon Digital Holdings Firm Contact:
E mail: [email protected]
A photograph accompanying this announcement is out there at https://www.globenewswire.com/NewsRoom/AttachmentNg/d244082a-110c-49d8-8840-4b6b20870fa1
Supply: Marathon Digital Holdings, Inc.
Launched January 5, 2023