MARA Announces Bitcoin Production and Mining Operation Updates for August 2024

Energized Hash Rate Increases 11% M/M to 35.2 EH/s
196 Blocks Won in August, 2% Decrease M/M
Increased BTC Holdings to 25,945 BTC

Fort Lauderdale, FL, Sept. 04, 2024 (GLOBE NEWSWIRE) -- MARA Holdings, Inc. (NASDAQ: MARA) ("MARA" or the "Company"), one of the world’s largest publicly traded bitcoin ("BTC") miners and a leader in supporting and securing the Bitcoin ecosystem, today published unaudited BTC production and miner installation updates for August 2024.

Management Commentary

"During the month of August, we continued to bring additional hash online and our energized hash rate grew to 35.2 EH/s, an 11% increase over July," said Fred Thiel, MARA's chairman and CEO. "We are proud to have mined our 4,000th block during August. Block wins during the month declined 2% from July while BTC production decreased 3% to 673 BTC. We continue to invest in our mining operations and grow our business, utilizing every available resource and strategy.

"Domestically, we continue to improve the operation of our sites and remain on track to reach our target of 50 EH/s by the end of 2024. During the month, we energized almost 18 immersion containers in Granbury, Texas. We are converting a large portion of our Granbury data center from air cooled to MARA's immersion containers, with plans to transition at least another 30 in September. This work is expected to be completed before year end.

"We currently own and operate approximately 54% of the 1.1 gigawatts of power in our diversified portfolio of energy technology solutions. As we continue to increase the share of owned and operated sites in our fleet, we anticipate continuing to achieve cost savings on a per petahash basis. Our long-term goal is to position MARA as one of the industry's most cost-efficient operators."

Operational Highlights and Updates
Figure 1: Operational Highlights

		Prior Month Comparison
Metric		8/31/2024		7/31/2024		% Δ
Number of Blocks Won 1		196		201		(2)	%
BTC Produced		673		692		(3)	%
Average BTC Produced per Day		21.7		22.3		(3)	%
Share of available miner rewards 2		4.8	%	4.5	%	NM
Transaction Fees as % of Total 1		2.7	%	2.9	%	NM
Energized Hash Rate (EH/s) 1		35.2		31.8		11	%

1. These metrics are MARAPool only and do not include blocks won from joint ventures.
2. Defined as the total amount of block rewards including transaction fees that MARA earned during the period divided by the total amount of block rewards and transaction fees awarded by the Bitcoin network during the period.

NM - Not Meaningful

As of August 31, 2024, the Company held a total of 25,945 unrestricted BTC. MARA opted not to sell any BTC in August.

Investor Notice

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under the heading "Risk Factors" in our most recent annual report on Form 10-K and any other periodic reports that we may file with the U.S. Securities and Exchange Commission (the "SEC"). If any of these risks were to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. See "Forward-Looking Statements" below.

The operational highlights and updates presented in this press release pertain solely to our BTC mining operations. Detailed information regarding our other operations can be found in our periodic reports filed with the SEC.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical fact, included in this press release are forward-looking statements. The words "may," "will," "could," "anticipate," "expect," "intend," "believe," "continue," "target" and similar expressions or variations or negatives of these words are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such forward-looking statements include, among other things, statements related to the expected timing and achievement of our growth targets, specifically relating to our anticipated hash rate and exahash growth, cost savings, and the transition to immersion coolers at the Granbury site. Such forward-looking statements are based on management's current expectations about future events as of the date hereof and involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Subsequent events and developments, including actual results or changes in our assumptions, may cause our views to change. We do not undertake to update our forward-looking statements except to the extent required by applicable law. Readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements included herein are expressly qualified in their entirety by these cautionary statements. Our actual results and outcomes could differ materially from those included in these forward-looking statements as a result of various factors, including, but not limited to, the factors set forth under the heading "Risk Factors" in our most recent annual report on Form 10-K, and any other periodic reports that we may file with the SEC.

About MARA

MARA (NASDAQ:MARA) is a global leader in digital asset compute that develops and deploys innovative technologies to build a more sustainable and inclusive future. MARA secures the world's preeminent blockchain ledger and supports the energy transformation by converting clean, stranded, or otherwise underutilized energy into economic value.

For more information, visit www.mara.com, or follow us on:

Twitter: @MarathonDH
LinkedIn: www.linkedin.com/company/marathon-digital-holdings
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Instagram: @marathondigitalholdings

MARA Company Contact:
Telephone: 800-804-1690
Email: ir@mara.com

MARA Media Contact:
Email: marathon@wachsman.com