MARA Holdings Inc Stock Price, News & Analysis

Compute North announces the energization of its fifth TIER 0™ data center in McCamey, Texas, co-located at a wind asset. This facility, scaling up to 280MW, marks a first in behind-the-meter wind projects, with Marathon Digital Holdings, Inc. (NASDAQ:MARA) as its exclusive customer. The facility guarantees power off-take, optimizing wind production by mitigating curtailment during peak generation. 40,000 miners are set to come online, contributing to a hash rate of 3.9 exahashes per second. The collaboration aims to enhance local energy efficiency and create jobs.

Marathon Digital Holdings (MARA) has expanded its credit facilities with Silvergate Bank, refinancing a $100 million revolving line of credit and securing an additional $100 million term loan, effective July 28, 2022. The term loan allows for an initial draw of $50 million, with another $50 million available within 270 days, carrying a variable interest rate starting at 7.25%. These facilities, maturing in July 2024, are secured by Bitcoin and provide Marathon with enhanced financial flexibility for future growth.

Marathon Digital Holdings (NASDAQ: MARA) has scheduled an earnings webcast and conference call for August 8, 2022, at 4:30 p.m. ET to discuss its Q2 financial results. The results will be published prior to the call on the company's investor relations website. Additionally, Marathon introduces a new Q&A platform by Say Technologies, allowing verified shareholders to submit and vote on questions for management to address during the call. This platform opens on July 29 and closes on August 5, 2022.

Marathon Digital Holdings (NASDAQ: MARA) has secured approximately 254 megawatts (MW) of new hosting arrangements for Bitcoin mining, with the potential to increase to 324 MW. Key agreements include 200 MW from Applied Blockchain and an expansion of 42 MW from Compute North. Marathon aims to achieve 23.3 exahashes per second (EH/s) of computing power in 2023. Installations are expected to begin in Q4 2022, with all miners installed by mid-2023. This expansion positions Marathon as a leading player in the North American Bitcoin mining sector.

Marathon Digital Holdings (NASDAQ:MARA) reported a 132% year-to-date increase in bitcoin production, totaling 1,966 BTC by June 30, 2022. The company produced 707 BTC in Q2 2022, an 8% increase from the previous year. Current challenges include ongoing maintenance at the Hardin, MT power facility and delayed miner energization in Texas. The firm now holds 10,055 BTC valued at approximately $198.9 million, with cash reserves of $88.7 million. Marathon has unwound its investment in NYDIG, improving liquidity and directly holding all bitcoin on its balance sheet.

Marathon Digital Holdings (NASDAQ: MARA) announced the impact of a severe storm in Hardin, MT, which left its bitcoin mining operations without power. The power facility is undergoing repairs, with expectations to restore partial operations by early July. Prior to the storm, 30,000 miners in Montana represented over 75% of Marathon's fleet, leading to a significant anticipated reduction in bitcoin production. To mitigate losses, the company has redirected 0.6 EH/s of remaining active miners to a third-party mining pool while evaluating new hosting locations.

Marathon Digital Holdings (MARA) reported significant updates for May 2022, increasing its total bitcoin holdings to 9,941 BTC, valued at approximately $315.1 million. The company installed 19,000 miners (c. 1.9 EH/s) ready for energization, despite delays due to issues with Compute North's energy provider awaiting federal confirmation. Bitcoin production dropped by 47% due to maintenance at the Hardin, MT station. However, Marathon remains optimistic about future production improvements and aims for 23.3 EH/s by early 2023 while pursuing carbon neutrality.

Marathon Digital Holdings reported a remarkable revenue growth of 465% year-over-year, reaching $51.7 million for Q1 2022. Bitcoin production surged 556% to 1,259 BTC. However, the company faced a GAAP net loss of $13.0 million, attributed to $19.6 million in impairment charges and lower average revenue per bitcoin mined. Despite these challenges, Marathon's adjusted EBITDA increased to $39.4 million. The company maintains substantial liquidity of $218.5 million and holds 9,374 BTC, valued at approximately $427.7 million.

Marathon Digital Holdings has increased its total bitcoin holdings to 9,673 BTC, valued at approximately $365.5 million. The company successfully installed 4,183 miners at its Texas facility, contributing to a total operational fleet of 36,830 miners producing around 3.9 EH/s. In April, Marathon mined 299 BTC, down by 30% from expectations due to maintenance issues at a power plant in Montana. The firm aims for 100% carbon neutrality by year-end 2022, transitioning miners from fossil fuel sources.