Total Bitcoin Holdings to Increase to Approximately 5,292 BTC as Marathon’s Hashrate Increases to Approximately 1.29 EH/s
LAS VEGAS, May 03, 2021 (GLOBE NEWSWIRE) — Marathon Digital Holdings, Inc. (NASDAQ:MARA) (“Marathon” or “Company”), one of the largest enterprise Bitcoin self-mining companies in North America, today published unaudited bitcoin (“BTC”) production and miner installation updates for April 2021.
Corporate Highlights as of May 1, 2021
Produced 162.1 new minted bitcoins during April 2021, increasing total bitcoin holdings to approximately 5,292 with a fair market value of approximately $305.2 million
Cash on hand was approximately $204.4 million and total liquidity, defined as cash and bitcoin holdings, was approximately $509.6 million
Received approximately 13,032 S-19 Pro ASIC miners from Bitmain year to date with an additional 3,885 S-19 Pro ASIC miners currently in transit
Increased active mining fleet to approximately 12,084 miners, generating approximately 1.29 EH/s
Bitcoin Production Update
As of May 1, 2021, Marathon’s mining fleet has produced approximately 354 newly minted bitcoins during 2021. By month, the Company’s bitcoin production was as follows:
January 2021: 50.4 BTC
February 2021: 43.4 BTC
March 2021: 97.9 BTC
April 2021: 162.1 BTC
As a result, Marathon currently holds approximately 5,292 BTC, including the 4,812.66 BTC the Company purchased in January 2021 for an average price of $31,168 per BTC. On May 1, 2021, the fair market value of one bitcoin was approximately $57,678, implying that the approximate fair market value of Marathon’s current bitcoin holdings is approximately $305.2 million.
Miner Installations and Hash Rate Growth
As of May 1, 2021, Bitmain has delivered approximately 13,032 S-19 Pro ASIC miners to the Company’s mining facility in Hardin, MT, all of which were delivered on time and as scheduled. During the month of April, Marathon installed 5,288 new miners, increasing the Company’s active mining fleet to approximately 12,084 miners, generating approximately 1.29 EH/s.
New miners continue to be installed on a daily basis. Based on current delivery and installation schedules, Marathon continues to expect all previously purchased miners to be fully installed by the end of the first quarter of 2022, at which point, the Company’s mining fleet will consist of approximately 103,120 miners, generating approximately 10.37 EH/s.
“April was an incredibly productive month as we brought 5,288 new miners online and increased our active mining fleet’s hashrate approximately 82% in just 30 days,” said Fred Thiel, Marathon’s CEO. “As a result, by the end of April, we were producing nearly 7 bitcoins per day, up from 3.2 bitcoins per day at the end of March. New miners continue to be delivered and installed on a daily basis, and as they come online, these production figures will continue to improve as our business scales into one of the largest enterprise…