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Marathon Digital Holdings, Inc. (NASDAQ: MARA) is a leading company dedicated to securing and supporting the development of the Bitcoin ecosystem. By building one of the largest, most agile, and most sustainable bitcoin mining operations in the world, Marathon Digital aims to make Bitcoin more secure and widely adopted. The company primarily focuses on mining digital assets and operates within the Digital Currency Blockchain segment. Marathon Digital owns numerous cryptocurrency mining machines and a data center, all located in the United States.
With a professional and innovative approach, Marathon Digital Holdings is positioned as a significant player in the cryptocurrency sector. The company's strategic operations ensure the security of the blockchain and contribute to the broader adoption of Bitcoin. Marathon Digital's proactive participation in industry events highlights its commitment to staying at the forefront of the digital currency mining space.
Recent achievements include securing partnerships and expanding their mining operations. The company has been actively participating in various influential conferences such as the Bitcoin Policy Summit on April 9, 2024, in Washington D.C., the Blockchain Life 2024 on April 15-16, 2024, in Dubai, UAE, the AmCham Business Summit on April 24-25, 2024, in Nairobi, Kenya, and the AIM Summit London on April 29-30, 2024, in London, UK. These events spotlight Marathon Digital's influence and thought leadership in the industry.
Marathon Digital Holdings reported a remarkable 816% year-over-year increase in bitcoin production for January 2022, yielding 462.1 BTC, compared to 50.4 BTC in January 2021. The company's total bitcoin holdings now stand at 8,595 BTC, valued at approximately $330.6 million. Cash reserves were reported at $189.1 million, bringing total liquidity to $519.7 million. Additionally, Marathon received around 21,000 ASIC miners to boost its operations, with significant expansions planned to achieve a hash rate of 23.3 EH/s by early 2023.
Marathon Digital Holdings (MARA) has appointed Ashu Swami as the new Chief Technology Officer. Swami, previously with Core Scientific, brings extensive experience in chip design, crypto, and DeFi. He aims to enhance Marathon's technical operations and security measures. CEO Fred Thiel emphasized the importance of technical leadership for innovation in the bitcoin mining sector. Swami expressed enthusiasm for continuing Marathon's success and innovation in the industry. This leadership change aligns with the company's growth strategy.
Marathon Digital Holdings (MARA) reported an impressive 846% increase in annual bitcoin production for 2021, totaling 3,197 BTC. The December production alone reached a record 484.5 BTC, contributing to a quarterly total of 1,098 BTC. The company's bitcoin holdings surged to 8,133 BTC, valued at approximately $375.8 million. Marathon plans to expand its mining fleet to 199,000 miners by early 2023, significantly increasing its hash rate to 23.3 EH/s. The company ended 2021 with about $644.3 million in total liquidity.
Marathon Digital Holdings (NASDAQ: MARA) announced a significant expansion of its mining operations with a contract to purchase 140 TH/s ANTMINER S19 XP units from BITMAIN. By early 2023, the company expects to operate approximately 199,000 bitcoin miners generating around 23.3 EH/s. This marks a 600% increase from its previous hash rate projections. Marathon aims to position itself as one of the largest bitcoin miners globally, leveraging renewable energy sources to support its operations.
Marathon Digital Holdings (NASDAQ: MARA) announced a donation to the Summer of Bitcoin 2022 internship program, aiming to support university students in Bitcoin and open-source development. This contribution is intended to fund student projects that enhance the Bitcoin network. CEO Fred Thiel emphasized the importance of fostering new developers for the Bitcoin ecosystem. Adi Shankara, director of Summer of Bitcoin, expressed gratitude for Marathon's support, highlighting its crucial role in furthering the initiative's mission.
Marathon Digital Holdings (NASDAQ: MARA) announced the retirement of Merrick Okamoto as Executive Chairman, effective December 31, 2021. Fred Thiel, current CEO, will assume the role of Chairman on January 1, 2022, retaining both positions. Okamoto's tenure since 2017 saw Marathon grow from near insolvency to a $4 billion entity recognized as a leading Bitcoin miner in North America, primarily through strategic restructuring. The company currently holds approximately $1.1 billion in liquid assets, with opportunities for expansion in renewable power.
Marathon Digital Holdings (NASDAQ: MARA) announced significant operational updates as of December 1, 2021. The company reported a total liquidity of approximately $1.1 billion, comprising $623.7 million in cash and substantial bitcoin holdings. Marathon completed the deployment of mining equipment in Hardin, MT, receiving around 15,520 ASIC miners in November and increasing total bitcoin production to 2,712.3 BTC for 2021. The company began installations with Compute North and is projected to reach 13.3 EH/s in hash rate by mid-2022, enhancing future production.
Marathon Digital Holdings (MARA) recently announced its participation in two financial conferences in December 2021. The company will present at the D.A. Davidson FinTech & Payments Spotlight on December 2, 2021, and the B. Riley Securities Crypto Conference on December 8, 2021. Marathon is recognized as one of the largest Bitcoin self-mining companies in North America, focusing on digital asset technology. Investors are reminded that investments carry risks, and historical performance may not predict future results.
Marathon Digital Holdings has expanded its agreement with Compute North to host over 100,000 bitcoin miners across predominantly wind and solar energy farms. This expansion ensures that Marathon has secured hosting for all its previously purchased miners, resulting in a projected hash rate of approximately 13.3 EH/s and a blended electricity cost of $0.042 per kWh. The initiative emphasizes environmental sustainability, aiming for 77% carbon neutrality. Deployments are currently underway, with expectations of new facilities operational by mid-2022.
Marathon Digital Holdings (MARA) announced the pricing of a $650 million offering of 1.00% convertible senior notes due 2026. This marks an increase from the previously set $500 million. The notes will settle on or about November 18, 2021. The initial conversion price is approximately $76.17 per share, a 37.5% premium over the last closing price of $55.40. Marathon estimates net proceeds of $633.2 million and plans to use these funds for corporate purposes, including acquiring bitcoin and mining machines.
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