Business
Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for the First Quarter of 2021
196 Bitcoins Produced During the First Quarter of 2021 Increases Total Bitcoin Holdings to Approximately 5,134.2 BTC LAS VEGAS, April 05, 2021 (GLOBE
About this update from Mara Holdings, Inc.
[{"type":"text","content":"196 Bitcoins Produced During the First Quarter of 2021 Increases Total Bitcoin Holdings to Approximately 5,134.2 BTC\nLAS VEGAS, April 05, 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 the first quarter, ended March 31, 2021. Preliminary First Quarter 2021 Highlights Produced 196 new minted bitcoins in the first quarter of 2021, increasing total bitcoin holdings to 5,134.2 with a fair market value of approximately $301.9 million as of March 31, 2021At March 31, 2021, cash on hand was approximately $212 million and total liquidity, defined as cash and bitcoin holdings, was approximately $513.9 millionReceived approximately 10,300 S-19 Pro ASIC miners from Bitmain during the first quarter of 2021 Bitcoin Production UpdateIn the first quarter of 2021, Marathon’s mining fleet produced 196 newly minted bitcoins. By month, the Company’s bitcoin production was as follows: January 2021: 50.4 BTCFebruary 2021: 43.4 BTCMarch 2021: 102.3 BTC As a result, Marathon currently holds approximately 5,134.2 BTC, including the 4,812.66 BTC the Company purchased in January 2021 for an average price of $31,168 per BTC. On March 31, 2021, the fair market value of one bitcoin was approximately $58,800, implying that the approximate fair market value of Marathon’s current bitcoin holdings is $301.9 million. Miner Installations and Hash Rate GrowthAs of March 31, 2021, Bitmain has delivered approximately 10,300 S-19 Pro ASIC miners to the Company’s mining facility in Hardin, MT, all of which were delivered on time and as scheduled. While Marathon continues to build out its Hardin, MT mining facility and install miners, adverse weather conditions in March created temporary installation headwinds. As a result, the Company’s active mining fleet at the end of the first quarter of 2021 consisted of approximately 6,800 miners, generating approximately 0.71 EH/s. New miners are being installed on a daily basis, and 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. Delivery Schedule of MinersWhile delivery schedules a...