Marathon Digital announces February bitcoin production up 22% at 833

CEO Fred Thiel says: “The operational challenges that commenced in January, continued into February and reduced our operational hash rate and our bitcoin production for the month. The Garden City and Ellendale sites, which are operated by Applied Digital and collectively represent approximately 43% of our energized hash rate, experienced unplanned outages due to transformer and transmission line maintenance. Last week, Garden City was re-energized and Ellendale was nearly back to full strength. However, while Garden City is now fully operational, infrastructure issues at Ellendale are still being resolved as capacity at that site is being ramped up. Largely due to these maintenance issues, we operated at an average of 61% of our total energized capacity in February. As a result, we produced 833 bitcoin last month. Our team is actively working with our hosting providers to bring sites back to full strength and to make the necessary repairs to mitigate these issues in the future. We will continue to provide updates on our progress as they materialize. While we work through these issues, we increased our hash rate another 9% to 28.7 exahash. We have also continued to strengthen our balance sheet by increasing our bitcoin holdings to 16,930 BTC and bringing our combined cash and bitcoin to approximately $1.5 billion. As we look to capitalize on strategic opportunities, we have also begun launching new tools and services for those who are building the future of Bitcoin, including Slipstream and Anduro. While both are in early stages, we are confident that these innovations and others, which we expect to announce later this year, will help differentiate Marathon and add to our our position as a leader in converting energy into economic value.”