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Marathon Digital Holdings Provides Update on Its Bitcoin Mining Operations in Montana
LAS VEGAS, June 28, 2022 (GLOBE NEWSWIRE) -- Marathon Digital Holdings, Inc. (NASDAQ:MARA) ("Marathon" or "Company"), a leader in supporting and securing the
About this update from Mara Holdings, Inc.
[{"type":"text","content":"LAS VEGAS, June 28, 2022 (GLOBE NEWSWIRE) -- Marathon Digital Holdings, Inc. (NASDAQ:MARA) (\"Marathon\" or \"Company\"), a leader in supporting and securing the Bitcoin ecosystem, today disclosed that, as a result of a storm that passed through Hardin, MT earlier this month, the Company’s mining operations in the region are currently without power and likely to remain offline until the damaged power generating facility can be repaired. Based on the latest inspection reports, Marathon’s miners in Montana may have sufficient power to come back online in a reduced capacity as early as the first week of July. On Saturday, June 11, a severe storm passed through the town of Hardin, damaging several structures, including the power generating facility that supplies Marathon’s bitcoin mining operations with power. Since the storm passed, inspections to assess the damage of the power plant have been ongoing. In the past few days, Marathon received a damage assessment. According to the findings, the plant’s cooling towers are in need of repair. Initial electrical tests on Marathon’s miners have been positive, indicating that the majority of the Company’s miners were not materially damaged by the storm. According to reports the Company has received in the past few days, the power generating station may be repaired enough for Marathon’s miners to come back online in a reduced capacity as early as the first week July. While repairs are ongoing in Montana, Marathon has pointed its remaining active miners, representing approximately 0.6 EH/s, away from the Company’s mining pool, MaraPool, and towards a third-party mining pool in order to increase the probability of earning bitcoin. Prior to the storm, the 30,000 miners Marathon had deployed in Montana represented over 75% of the Company’s active fleet. With these miners offline, Marathon’s bitcoin production is expected to be significantly reduced until repairs to the power generating facility in Montana can be completed or until the miners can be relocated to new facilities. As announced on April 5, Marathon was already preparing to move miners from this facility to more sustainable sources of power during the third quarter of this year. The Company is currently evaluating the possibility of expediting the move of its miners from Montana to new hosting locations. “The severe storm in Montana ...