Mara Holdings, Inc. · NASDAQ:MARA
Mara — Marathon Digital Holdings — Investor Presentation (September 2021)
24 slides from Mara's investor presentation, Sep 9, 2021
Slide 1: America's Leading Enterprise Bitcoin Miner
Building | Pere “xv *otames | America’s Leading Enterprise | Bitcoin Miner & MARATHON Nasdaq: MARA September 2021
Slide 2: Marathon At-a-Glance
E Marathon At-a-Glance Building one of the largest & most agile enterprise Bitcoin mining operations in North America by... AGGRESSIVELY INCREASING MARATHON’S HASH RATE (probability of earning bitcoin) Vs) +7,122% from 0.18 EH/s in Jan. 2021 to 13.3 EH/s in Mid 2022 OPTIMIZING BITCOIN PRODUCTION COS
Slide 3: Aggressively Scaling Mining Operations To Drive Value
MARATHON DIGITAL HOLOINGS Aggressively Scaling Mining Operations To Drive Value As of September 1, 2021... 133,000 miners purchased 1,758 BTC mined YTD 6,695 BTC held YTD If all miners were deployed today & bitcoin’s price was $45,000...* 11% of the global hee, = 87 BTC/day bitcoin hash rate 70% car
Slide 4: The Marathon Difference
e The Marathon Difference Scale: Growing hash rate 536% from 2.09 EH/s Q2 2021 to 13.3 EH/s by mid 2022 ® Profitable: Paying $0.045 / kWh for electricity + hosting & producing BTC for $5,612 / BTC: ve margins of c. 85% upon full deployment 2 Agile: Investing in miners rather than infrastructure; Mod
Slide 5: Mining - The Engine that Fuels the Bitcoin Ecosystem
IMARATHON DIGITAL HOLDINGS Mining - The Engine that Fuels the Bitcoin Ecosystem Mining - Asystem that adds transactions & provides security to the Bitcoin blockchain; How new bitcoins enter the market A Bitcoin transaction occurs and is broadcast to the network A miner pools together “pending” Bitco
Slide 6: Finite Supply & Fixed Rewards
Finite Supply & Fixed Rewards Mining pools in “co-opetition” — ; gP P (VP MarAPooL 21,00,000 BTC mined by 2140 1, Kantroot +21 EH/s ene] Powered by Mara Today 2. BWViaBrc +17 EH/s Carbon neutral mining 1 block every 10 min 3, Mi Poolin TIERS Audited by a leading, third-party 6.25 BTC / block 4. © f2
Slide 7: The Bitcoin Ecosystem Has Gone Mainstream
& MARATHO 1GITAL HOLD! The Bitcoin Ecosystem Has Gone Mainstream LIne ORMATION | 2 OBitcoincore xapo MARATHON’ GQ nure ] Bitcoin Optech Cs) Qarmory Casa 6 BITMAIN (6) Conaan EBANG Zia8 BITNODES B Bm NYDIG ° Qorenpime i BITFURY Qiot m » @ BLOCKCHAIN — {__,)) Blockstream cimwn Gitte Georescenre’ — _W.
Slide 8: Adoption is Accelerating
& MARATHO DIGITAL HOLOIN Ad (e] ption is Accele ratin g Institutional investors, banks, & countries are coming on board Traditional Payment Processing & Global Crypto Market Size Over Time FinTech taking BTC mainstream Marathon Shareholders 230 IN NYDIG @ncr BLacKRock Vanguard Partner to offer BTC t
Slide 9: The Path to Profitable Mining
The Path to — Profitable Mining Costs of Production Lower costs > higher profits in bull markets & survivability in bear markets Annual Mining Profitability | n's ate) , Price x 6.25 x 52,560 (ee a) — Network hash rate of BTC block reward (nee) miners Marathon Network hash rate Doesn't Price of BTC
Slide 10: Typical Mining Business Models
MARATHON Typical Mining Business Models Most miners... Qiot W. 8 HUT8 py > or on. o HIVE @ core SCIENTIFIC Contract for power Own hosting facilities Buy & operate miners Building Infrastructure Invest $30M to build a 100 MW facility $30M facility = ~28,570 S19 Pro @ 110 TH (total 3.14 EH) 19.5 BTC/d
Slide 11: The Marathon Method
|: MARATHON DIGITAL HOLOINGS The Marathon Method Focuses on Return on Assets Buying Miners @ MARATHON * Invest $30M to purchase miners + $30M = 6,000 S19 Pro @110 TH (total of 0.66 EH) Growth Strategy: Invest in miners rather than infrastructure * Incremental 4.1 BTC / day @ 145 EH global hash rate
Slide 12: Our Mining Operations
Our Mining Operations South Dakota Montana Texas Hosted by &@COMPUTENORTH Marathon’s ori, inal mining facility + +2,000 miners (0.2 EH/s) + Operational as of Q3 2020 Powered by BEOWULF Astable supply of low-cost electricity + +30,000 $19 miners (3.3 EH/s) * Economic stimulus to local Native American
Slide 13: ESG in Action
MARATHON GITAL HOLO! ESG in Action Global Electricity Production Bitcoin as a % of Consumed Electricity q7% Marathon’s Focus By the end of Q1 2022... 70% carbon neutral mining operations By the end of FY 2022... 100% carbon neutral mining operations Hardin, MT: Revitalized dormant power plant provid
Slide 14: Increasing BTC Production & "HODLing"
MARATHON DIGITAL HOLOIN Increasing BTC Production & “HODLing” As of September 1, 2021 ¢ Avg. BTC mining cost: $5,612 / BTC* 22,412 miners deployed generating * BTC mined & held to date: 1,758 BTC 2.3 EH/s (up 1,119% YTD) ¢ Total BTC holdings: 6,695 BTC Growth in BTC Mined per Month 8,000 30% aaa e60
Slide 15: Recent Company Highlights
Recent Company Highlights Estimates as of September 1, 2021 AsofSept.3, 2021 * Ticker Symbol MARA $70.9 million in cash $387.3 million in cash + BTC holdings Shavers $43.41 22,412 miners installed > 2.3 EH/s Market Cap $4.5B . i inA t Se. DRS mie Mh. ge Shares Issued & Outstanding 99.5M 1,757.9 BTC
Slide 16: Q2 2021 Financials
& MARATHON" DIGITAL HOLDINGS Q2 2021 Financials BTC Production Summary Balance Sheet 750 654.0 500 250 767 157.0 220 Cash & cash equivalent $1706 $211.9 $141.3 33.7 quivalents 0 = — = || — - a2 2020 8 2020 4 2020 aa 2021 2 2021 Digital currencies 29.0 10.7 2.3 Deposits 121.6 128.9 65.6 Revenue (in m
Slide 17: Investment Thesis
MARATHON DIGITAL HOLOINGS Investment Thesis vt Seale: Growing hash rate +7,122% from 0.18 EH/s in Jan. 2021 to 13.3 EH/s in Mid 2022 Profitable: BTC production costs = $5,612 / BTC, paying $0.045 / kWh: margins of c. 85% upon full deployment Agile: Investing in miners rather than infrastructure > fl
Slide 18: Marathon Digital Holdings
Marathon Digital Holdings 1180 North Town Center Drive, Suite 100 Las Vegas, NV 89144 Contact Us Tel: 800-804-1690 info@marathondh.com : yg Investor Relations s Charlie. Schumacher a 3 he Telephone: 800-804-1690 Email: charlie@marathondh.com
Slide 19: Appendix
Slide 20: Safe Harbor Statement
MARATHON 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
Slide 21: Leadership Team
Leadership Team Fred Thiel Jolie Kahn Jim Crawford Peter Benz 4 Chief Executive Officer Legal Counsel Chief Operating Officer VP of Corporate Development aN Sim Salzman Will Beam Grenlo Sane or Judy Clayton Chief Financial Officer Controller Direction oh Compote Exec. Admin Assistant Communications.
Slide 22: History of Expansion & Growth
GITAL HOLD (Be MARATHON History of Expansion & Growth Partnered with Beowulf Energy: Announced August _ Began Relocated miners to successful production aggressively 105 MW BTC Mining completion of Began MaraPosl update: 22,412 upgrading Data Center in shelf offering, Purchased Rebranded directing be
Slide 23: Bitcoin & Traditional Assets ROI
ARATHON" Bitcoin & Traditional Assets ROI as of September 1, 2021 Bitcoin Gold S&P 500 1 year: +310% -6% +28% 2 year: +402% +17% +56% 3 year: +579% +50% +56% 4 year: +892% +37% +83% 5 year: +8,435% +36% +108% 6 year: +21,387% +59% +136% 7 year: +10,130% +43% +126% 8 year: +33,338% +30% +176% 9 year:
Slide 24: Glossary of Relevant Terminology
Glossary of Relevant Terminology Average # of BTC Bitcoin (BTC) - a type of digital currency in which a record of transactions is maintained mined each day = and new units of currency are generated by the computational solution of mathematical problems, and which operates independently of a central
Marathon Digital Holdings — Investor Presentation (September 2021) on 6ix