LAS VEGAS, June 09, 2022 (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 May 2022.
Management Commentary
“Although we continue to install miners at the Texas facilities, we have experienced delays in energization as Compute North’s energy provider awaits federal agency confirmation of its exempt status for tax purposes based upon its arrangements with Compute North,” said Fred Thiel, Marathon’s chairman and CEO. “While these delays have been disappointing, our current understanding is that miners should start to come online this month. We continue to work closely and actively engage with Compute North to gain more insight into the energy provider’s timeline and to ensure that these delays, once resolved, will not impact our future deployments.
“In the meantime, installations of our miners have progressed irrespective of the energization schedule. Currently, in addition to our active fleet, we now have 19,000 miners, representing approximately 1.9 EH/s, that have been installed and ready for energization. Over 9,000 of these units, representing 0.9 EH/s, are at Compute North’s first major facility in West Texas. The remainder are installed at other locations. This first major facility is being completed in four stages. Stage one is already complete. It is our understanding that the entire facility, which will house approximately 68,000 of our miners, will be fully constructed with all miners in installed by the end of the third quarter of 2022.
“These energization delays in Texas, coupled with ongoing maintenance issues at the power generating station in Hardin, MT, negatively impacted our bitcoin production last month. In May, maintenance issues at the power generation station in Montana caused us to produce…
