Marathon Digital produces 894 bitcoin in March

“Throughout the first quarter, our Bitcoin production has been impacted by unexpected equipment failures, transmission line maintenance, and higher than anticipated weather-related curtailment across multiple sites,” said Fred Thiel, Marathon’s chairman and CEO. “After maintenance issues at Garden City were addressed, the site experienced higher than anticipated curtailment in March. At Granbury, McCamey, and Ellendale, we are continuing to work through transformer issues that have reduced capacity at those sites below historical norms. While the site in Ellendale was briefly recovered and re-energized at the end of February, it had to be brought back down due to the persistence of quality issues with the transformers sourced at the site. The demonstrated complexity of re-energizing Ellendale, along with the latest information and recent progress, indicates that capacity at this site is likely to be gradually increased over the coming months. Applied Digital is using its best commercially reasonable efforts to shorten and pull up the energization timeline. While our hosting provider continues to swap in newly acquired transformers and bring capacity at Ellendale back online, we have continued to focus on optimizing our performance at other sites. In March, we began relocating miners from Ellendale to take advantage of the additional capacity we recently acquired through our strategic acquisitions of sites in Texas and Nebraska. We are also preparing to transition part of Granbury to immersion to optimize performance. Despite the challenges, we increased our average operational hash rate by 4% in March to 18.3 exahash, and we increased our bitcoin production 7% to 894 bitcoin. We now have 17,381 BTC on our balance sheet, and our combined cash and bitcoin holdings are approximately $1.6 billion. As Ellendale is gradually brought back online, we intend to further develop our Bitcoin mining portfolio, which is growing to approximately 1.1 gigawatts of capacity diversified across 11 sites on three continents, and leveraging our recently announced technology innovations, like our two-phase immersion cooling system, to optimize performance and expand our position as a leader in converting energy into economic value.”