MARATHON DIGITAL HOLDINGS' BITCOIN MINING FLEET TO REACH 23.3 EXAHASH AFTER LATEST PURCHASE OF BITMAIN'S ANTMINER S19 XP

Marathon Digital Holdings, Inc. (NASDAQ: MARA) ("Marathon" or "Company"), one of the largest enterprise Bitcoin self-

mining companies in North America, has entered into a contract with BITMAIN to purchase a record number of ANTMINER S19 XP

(140 TH/s) bitcoin miners.

Based on current delivery schedules, Marathon anticipates all newly purchased miners to ship from BITMAIN between July 2022

and December 2022. In conjunction with this purchase, Marathon will be upgrading a portion of its mining fleet with the

latest mining hardware to increase the overall efficiency of the Company’s operations. As a result, the Company’s mining

operations are now expected to consist of approximately 199,000 bitcoin miners producing approximately 23.3 EH/s, making

Marathon one of the largest known publicly traded bitcoin miners in the world once all miners are fully deployed and

operational.

“Given the strength of our balance sheet and our asset-light model, which allows us to invest our capital into mining

machines rather than infrastructure, we were uniquely positioned to place the largest single order of S19 XPs, in terms of

total hash rate, BITMAIN has ever received,” said Fred Thiel, Marathon’s CEO. “With this latest purchase of S19 XPs, we

will be growing our Bitcoin mining operations to approximately 199,000 total miners and 23.3 EH/s by early 2023. This

growth represents more than a 600% increase from our current hash rate and a 75% increase from our prior projection of 13.3

EH/s by the middle of 2022.”

“With 23.3 EH/s of total capacity expected to be online in early 2023 and ample access to renewable power behind the meter

with one of the largest renewable energy providers in North America, we believe we have established Marathon as one of the

leading bitcoin miners in North America and potentially the largest known miner in the world. We would like to thank the

team at BITMAIN for helping us realize this objective.”

BITMAIN commented, “Marathon continues to be one of BITMAIN’s most important clients. We are pleased to again support

their progress with this order for our S19 XPs, which are among the most powerful and efficient bitcoin miners available

today. We look forward to continuing our working relationship with Marathon.”

Source: Marathon Digital Holdings, Inc