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MARA Adds 372 Megawatts of Capacity in Ohio, with 152 Megawatts Operational and 220 Megawatts in Development

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MARA announced the addition of 372 megawatts of compute capacity across three sites in Ohio. The company acquired two operational data centers in Hannibal and Hopedale with 222 megawatts of interconnect-approved capacity for $270/kW, and began developing a 150-megawatt facility in Findlay. The acquired sites have 122 megawatts of current capacity with approval to expand by 100 megawatts. The Findlay site has 30 megawatts of existing capacity. MARA plans to fully energize these facilities by end-2025, supporting its 2024 target of 50 EH/s. This expansion increases their total owned and operated compute capacity by over 70% and diversifies their portfolio across multiple ISOs.

MARA ha annunciato l'aggiunta di 372 megawatt di capacità di calcolo in tre siti in Ohio. L'azienda ha acquisito due data center operativi a Hannibal e Hopedale con 222 megawatt di capacità approvata per l'interconnessione al costo di $270/kW, e ha iniziato a sviluppare un impianto da 150 megawatt a Findlay. I siti acquisiti hanno una capacità attuale di 122 megawatt con approvazione per un'espansione di 100 megawatt. Il sito di Findlay ha 30 megawatt di capacità esistente. MARA prevede di attivare completamente queste strutture entro la fine del 2025, sostenendo il suo obiettivo del 2024 di 50 EH/s. Questa espansione aumenta la loro capacità totale di calcolo posseduta e gestita di oltre il 70% e diversifica il loro portafoglio attraverso più ISOs.

MARA anunció la adición de 372 megavatios de capacidad de computación en tres sitios en Ohio. La empresa adquirió dos centros de datos operativos en Hannibal y Hopedale con 222 megavatios de capacidad aprobada para interconexión por $270/kW, y comenzó a desarrollar una instalación de 150 megavatios en Findlay. Los sitios adquiridos tienen una capacidad actual de 122 megavatios con aprobación para expandirse en 100 megavatios. El sitio de Findlay tiene 30 megavatios de capacidad existente. MARA planea activar completamente estas instalaciones para finales de 2025, apoyando su objetivo de 2024 de 50 EH/s. Esta expansión aumenta su capacidad total de computación poseída y operada en más del 70% y diversifica su cartera a través de múltiples ISOs.

MARA는 오하이오의 세 곳에 372메가와트의 컴퓨팅 용량을 추가한다고 발표했습니다. 이 회사는 222메가와트의 상호 연결 승인 용량을 갖춘 한니벌과 호페일의 두 개의 운영 데이터 센터를 270달러/kW에 인수하고, 핀들리에 150메가와트 시설 개발을 시작했습니다. 인수된 사이트는 100메가와트로 확장할 수 있는 승인을 받아 현재 122메가와트의 용량을 보유하고 있습니다. 핀들리 사이트는 기존 용량이 30메가와트입니다. MARA는 2025년 말까지 이러한 시설을 완전히 활성화할 계획이며, 2024년 목표인 50 EH/s를 지원합니다. 이러한 확장은 70% 이상 운영되고 소유된 전체 컴퓨팅 용량을 증가시키고 여러 ISO에 걸쳐 포트폴리오를 다양화합니다.

MARA a annoncé l'ajout de 372 mégawatts de capacité de calcul sur trois sites dans l'Ohio. La société a acquis deux centres de données opérationnels à Hannibal et Hopedale avec une capacité d'interconnexion approuvée de 222 mégawatts pour 270 $/kW, et a commencé à développer une installation de 150 mégawatts à Findlay. Les sites acquis ont une capacité actuelle de 122 mégawatts avec approbation pour une extension de 100 mégawatts. Le site de Findlay dispose d'une capacité existante de 30 mégawatts. MARA prévoit de dynamiser pleinement ces installations d'ici fin 2025, soutenant son objectif de 50 EH/s pour 2024. Cette expansion augmente leur capacité totale de calcul possédée et exploitée de plus de 70 % et diversifie leur portefeuille à travers plusieurs ISO.

MARA hat die Hinzufügung von 372 Megawatt Rechenkapazität an drei Standorten in Ohio angekündigt. Das Unternehmen hat zwei betriebsbereite Rechenzentren in Hannibal und Hopedale mit 222 Megawatt interconnect-genehmigter Kapazität für 270 USD/kW erworben und mit der Entwicklung einer 150-Megawatt-Anlage in Findlay begonnen. Die erworbenen Standorte verfügen über derzeit 122 Megawatt Kapazität mit Genehmigung zur Erweiterung um 100 Megawatt. Die Findlay-Website hat 30 Megawatt bestehende Kapazität. MARA plant, diese Einrichtungen bis Ende 2025 vollständig zu aktivieren und unterstützt damit ihr Ziel von 50 EH/s für 2024. Diese Erweiterung erhöht die gesamte besitzen und betriebenen Rechenkapazität um über 70 % und diversifiziert ihr Portfolio über mehrere ISOs hinweg.

Positive
  • Acquired data centers at $270/kW, one of the lowest multiples among public peers
  • Total compute capacity increased by over 70%
  • Potential 50% reduction in operating costs at Hopedale data center
  • Secured compute capacity ready for deployment
  • Total nameplate capacity increased to nearly 1.5 gigawatts
Negative
  • None.

Insights

This strategic expansion significantly strengthens MARA's market position in digital asset compute infrastructure. The $270,000 per megawatt acquisition cost represents exceptional value, substantially below industry averages. The addition of 372 MW capacity, increasing total portfolio to nearly 1.5 gigawatts, demonstrates aggressive but calculated growth.

The operational efficiency gains are compelling - potential 50% cost reduction at Hopedale facility and improved control over 70% more compute capacity. The PJM market exposure provides stable grid access and competitive power rates. With secured compute equipment and clear path to 50 EH/s target, this expansion materially derisks MARA's growth trajectory.

The strategic placement within PJM's territory is particularly noteworthy. This ISO offers superior grid reliability and sophisticated market mechanisms that can generate additional revenue streams through demand response programs. The geographic diversification strategy - ensuring no single ISO exceeds 50% of capacity - demonstrates mature risk management.

The combination of operational and development-stage assets creates a balanced growth pipeline. The proximity to operating generation suggests potential for behind-the-meter arrangements, which could yield significant cost advantages and improved grid stability benefits.

  • Acquisition of two sites totaling 222 megawatts of capacity for $270/kW
  • $270/kW acquisition multiple is one of lowest amongst larger public peers
  • Greenfield development of a 150-megawatt site, to be gradually energized by year-end 2025
  • Compute is fully secured for operational capacity along with a majority of anticipated growth capacity

Fort Lauderdale, FL, Nov. 11, 2024 (GLOBE NEWSWIRE) -- MARA (NASDAQ: MARA) ("MARA" or the "Company"), a global leader in leveraging digital asset compute to support the energy transformation, today announced the addition of approximately 372 megawatts of owned and operated compute capacity across three sites in Ohio. These additions include the acquisition of two data centers offering a combined 222 megawatts of interconnect-approved capacity and the development of a third, greenfield data center, which is expected to add 150 megawatts of compute capacity upon completion.

On November 5, 2024, MARA acquired the two operational data centers in Hannibal and Hopedale, Ohio, with 222 megawatts of interconnect-approved capacity. These sites have 122 megawatts of capacity and interconnection approval to expand by another 100 megawatts. Simultaneously, MARA has begun developing a 150-megawatt operation in Findlay, Ohio, which already has 30 megawatts of capacity. These three facilities have a combined interconnect-approved capacity of 372 megawatts, which MARA intends to fully energize by the end of 2025. Compute for these sites is purchased, secured, and ready for deployment, and the Company believes these sites will accelerate MARA’s achievement of its 2024 target of 50 EH/s.

“Through MARA’s proven discipline and data center expertise, we acquired these assets at a multiple of approximately $270,000 per megawatt, based on approved capacity and after customary adjustments,” said Salman Khan, MARA’s Chief Financial Officer. “This is one of the lowest disclosed multiples amongst our larger publicly traded peers and demonstrates our unmatched ability to deliver accretive acquisitions. Furthermore, these data centers will increase our total owned and operated compute capacity by over 70 percent. Owning the sites will provide us with greater operational control and could further reduce our operating costs at the Hopedale data center—previously hosted by the former owner—by up to 50 percent. Much of the future capacity is alongside operating generation, providing opportunities for cost reduction, power redundancy, and development optionality.”

Fred Thiel, MARA’s Chairman and CEO, added, “Beyond the financial advantages, these data centers contribute to the resilience of MARA’s flexible compute portfolio. This initiative increases MARA’s exposure to PJM, one of the largest and most sophisticated independent system operators (ISOs). Once energized, our data centers will be further diversified across multiple jurisdictions and independent system operators, ensuring that no single ISO contains more than 50 percent of our owned and operated capacity. We intend to further expand and diversify our portfolio of owned and operated sites, which we expect to yield significant cost savings. These growth initiatives align with our strategic goal to position MARA as one of the most cost-efficient operators in the industry.”

Throughout 2024, MARA secured just under 1 gigawatt of nameplate capacity through acquisitions and greenfield site developments. As a result of this strategic expansion, the Company's total nameplate capacity has increased to just under 1.5 gigawatts, with approximately 65 percent of this capacity proudly owned and operated by MARA.

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.

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 our goal to fully energize the acquired sites by the end of 2025, the development of a greenfield data center and potential cost savings. 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: @MARAHoldings
LinkedIn: www.linkedin.com/company/marathon-digital-holdings
Facebook: www.facebook.com/MarathonDigitalHoldings/
Instagram: @MARAHoldingsInc

MARACompanyContact:

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

MARA Media Contact:

Email: marathon@wachsman.com

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FAQ

How many megawatts of capacity did MARA acquire in Ohio in November 2024?

MARA acquired 222 megawatts of interconnect-approved capacity through two operational data centers in Hannibal and Hopedale, Ohio.

What is the acquisition cost per kilowatt for MARA's Ohio data centers?

MARA acquired the Ohio data centers at approximately $270 per kilowatt, which is one of the lowest multiples among larger publicly traded peers.

When does MARA expect to fully energize its new Ohio facilities?

MARA plans to fully energize all three Ohio facilities, totaling 372 megawatts of capacity, by the end of 2025.

How much will MARA's operating costs decrease at the Hopedale data center?

MARA expects to reduce operating costs at the Hopedale data center by up to 50% through direct ownership and operation.

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