Mara Holdings, Inc. · NASDAQ:MARA
Mara — Marathon Digital Holdings — Investor Presentation (August 2021)
24 slides from Mara's investor presentation, Aug 19, 2021
Slide 1: Building America's Leading Enterprise Bitcoin Miner
Building | sister nocames | America’s Leading Enterprise | Bitcoin Miner G MARATHON > Nasdaq: MARA August 2021
Slide 2: Marathon At-a-Glance: Hash Rate Growth
Hash Rate Growth Marathon At-a-Glance Building one of the largest & most agile enterprise Bitcoin mining operations in North America by... 140 130 120 110 AGGRESSIVELY INCREASING MARATHON’S 100 HASH RATE (probability of earning bitcoin) 90 20 Ve +7,122% from 0.18 EH/s in Jan. 2021 to 79 13.3 EH/s in
Slide 3: Aggressively Scaling Mining Operations To Drive Value
Aggressively Scaling Mining Operations To Drive Value As of August 1, 2021... 133,000 miners purchased 1,288 BTC mined YTD 6,226 BTC held YTD If all miners were deployed today & bitcoin's price was $35,000... 12% of the global = 108 BTC/day bitcoin hash rate 0% carbon neutral mining operations Reven
Slide 4: The Marathon Difference
The Marathon Difference ye Seale: Growing hash rate 536% from 2.09 EH/s Q2 2021 to 13.3 EH/s by mid 2022 1 xn Profitable: Paying $0.045 / kWh for electricity + hosting & producing BTC for $5,612 / BTC; aT margins of c. 85% upon full deployment | Agile: Investing in miners rather than infrastructure;
Slide 5: Mining - The Engine that Fuels the Bitcoin Ecosystem
Mining - The Engine that Fuels the Bitcoin Ecosystem Mining -4 tem 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” Bitcoin transactions in a “block” .
Slide 6: Finite Supply & Fixed Rewards
Finite Supply & Fixed Rewards 21,00,000 BTC mined by 2140 Today 1 block every 10 min. 6.25 BTC / block 900 BTC / day 3.9% held by “ETFs” 1.0% held by public companies MARATHON Mining pools in “co-opetition” 1, KANTPooL +110 EH/s 2. @wviaBrc +17 EH/s 3. Bh Poolin +12 EH/s 4. BTC.com +10 EH/s & 5. Me
Slide 7: The Bitcoin Ecosystem Has Gone Mainstream
The Bitcoin Ecosystem Has Gone Mainstream E MARATHON GQ nute i] Bitcoin Optech @ Qanmony Casa G BITMAIN £3 concon EBANG NEE Pees B BI NyDIG ° Q oenpime i BITFURY Qior ~ . sis: [D> @ BLOCKCHAIN lockstream Perare sy sictiving Qiioaiien Geore scenic’ We ee ive | NODES | ; yt =o dojo bitseed cn 2. @eaon
Slide 8: Adoption is Accelerating
MARATHO Adoption is Accelerating Traditional Payment Processing & FinTech taking BTC mainstream Global Crypto Market Size Over Time 230 WN NYDIG @ncr Partner to offer BTC trading via mobile apps t0 650 banks & credit unions coinbase Listed on Nasdaq at $85.8 billion 210 190 170 150 130 110 90 70 50
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 6.25 x (52,560 (e ) block reward oe) miners Marathon Network hash rate Doesn't Price of BTC Block reward & # of blocks/year Control Price of mi
Slide 10: Typical Mining Business Models
& MARATH Typical Mining Business Models Most miners... Qior W S| HUTS Building Infrastructure WHINSTONE gr ° + Invest $30M to build a 100 MW facility HIVE @ core SCIENTIFIC - + $30M facility = ~28,570 S19 Pro @ 110 TH (total 3.14 EH) * 19.5 BTC/day @ $30,000 = $585,212 in rev / day @ cost of $112,31
Slide 11: The Marathon Method
:MARATHON The Marathon Method Focuses on Return on Assets Buying Miners * Invest $30M to purchase miners + £30M = 6,000 $19 Pro @110 TH (total of 0.66 EH) Growth Strategy: Invest in miners * Incremental 4.1 BTC / day @ 145 EH global hash rate rather than infrastructure & $30,000 / BTC Agility = Resi
Slide 12: Our Mining Operations
Our South Dakota Montana Texas Theortcel BTC Produston:(MARA's potential eth rete/(109 EN/t)= MARA‘: % of global hath rte; (MARA's % of globel eth rete)*(900 BTC/dey Mining Operations Hosted by {@COMPUTENORTH Marathon’s original mi + £2,000 miners (0.2 EH/s) + Operational as of Q3 2020 ing facility
Slide 13: ESG in Action
-MARATH ESG in Action Global Electricity Production Bitcoin as a % of Consumed Electricity 17% 0.38% 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 83% 99.62% Hardin, MT: Revitalized dormant power plant pr
Slide 14: Increasing BTC Production & HODLing
IMARATHO Increasing BTC Production & "HODLing” As of August 1, 2021 * Avg. BTC mining cost: $5,612 / BTC* 19,395 miners deployed generating * BTC mined & held to date: 1,413 BTC 2.09 EH/s (up 1,031% YTD) * Total BTC holdings: 6,226 BTC Growth in BTC Mined per Month 7,000 25% 6225 6,000 Se 5,784 wa?
Slide 15: Recent Company Highlights
Recent Company Highlights As of August 1, 2021 ‘As of August 13, 2021" $91.9 million in cash $352.6 million in cash + BTC holdings 19,395 miners installed > 2.09 EH/s 442.2 BTC mined in July 1,288 BTC mined in 2021 $5,612 to produce each BTC” 1 1 cost af alecicty + hosting fees = $0005 / kWh; exclud
Slide 16: Q2 2021 Financials
MARATHON Q2 2021 Financials BTC Production Summary Balance Sheet 750 654.0 June March i ul 2021 31,2021 2021 192.0 250 76.7 aa, Cash &cash equivalents $170.6 = $211.9 $141.3 33.7 q 7 2 2 -_ a2 2020 a3 2020 04 2020 Qa 2021 a2 2021 Digital currencies 29.0 10.7 2.3 Deposits 121.6 128.9 65.6 Revenue (in
Slide 17: Investment Thesis
IMARATHO Investment Thesis % 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 > flexible business mo
Slide 18: Contact Us
Contact Us Marathon Digital Holdings 1180 North Town Genter Drive, Suite 100 Las Vegas, NV 89144 Tel: 800-804-1690 info@marathondh.com Investor Relations Charlie, Schumacher 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
é Leadership Team Fred Thiel Chief Executive Officer 4 Sim Salzman Chief Financial Officer Board of Directors Merrick Okamoto Executive Chairman Jay Leupp Independent Director MARATHON Jolie Kahn Legal Counsel Jim Crawford Chief Operating Officer Charlie Schumacher Director of Corporate Communicatio
Slide 22: History of Expansion & Growth
:MARATHON History of Expansion & Growth Partnered with Beowulf Energy: Announced July production Began Relocated miners to successful update: 19,395 aggressively 105 MW BTC Mining completion of Began Misispee miners installed, upgrading Data Center in shelf offering, Purchased Rebranded | directing
Slide 23: Bitcoin & Traditional Assets ROI (vs. USD)
Bitcoin & Traditional Assets ROI (vs. USD) as of August 1, 2021 1 year: 2 year: 3 year: 4 year: 5 year: 6 year: 7 year: 8 year: 9 year: 10 year: Bitcoin +238% +284% +424% +1,352% +6,470% +14,117% +6,560% +38,245% +415,299% +304,315% Gold -8% +26% +47% +42% +32% +65% +39% +35% +13% +12% S&P 500 +34%
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
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