Announces Bitcoin Production and Mining Operation Updates for September 2021
Summary
Quarterly Bitcoin Production Increases 91% Quarter-over-Quarter to 1,252.4 BTC as Marathon Secures a $100 Million Revolving Line of Credit with Silvergate Bank LAS VEGAS, Oct. 04, 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 September 2021 and announced a new $100 million revolving line of credit (“RLOC”) with Silvergate Bank, a leading provider of innovative financial infrastructure solutions and services for the growing digital currency industry. “Our September production figures were impacted by a material increase in the total network’s hash rate, the ‘luck’ factor inherent in bitcoin mining, and two days of scheduled downtime at the Hardin power plant. While some amount of downtime and ‘luck’ will always be present in bitcoin mining, affecting results in the near-term, we believe our production will become more stable over time as we continue to bring new miners online and achieve greater scale. “Bitmain continues to produce miners at a rate consistent with our expectations, but global logistics issues have begun to complicate the shipping process and elongate deliveries. By having this line of credit in place, we believe Marathon is better positioned to continue growing over the coming quarters.” Investor Notice Investing in our securities involves a high degree of risk.
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