Cryptonewsbreaks Marathon Digital Holdings Inc. (NASDAQ: MA...| MENAFN.COM

Sunday, 14 August 2022 06:17 GMT

Cryptonewsbreaks Marathon Digital Holdings Inc. (NASDAQ: MARA) Issues Update On Montana-Based Bitcoin Mining Operations


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Marathon Digital Holdings (NASDAQ: MARA) , a leader in supporting and securing the bitcoin ecosystem, has disclosed that, as a result of a storm that passed through Hardin, Montana, earlier this month, the company's mining operations in the region are currently without power and likely to remain offline until the damaged power generating facility can be repaired. Based on the latest inspection reports, Marathon's Montana-based miners may have sufficient power to come back online in a reduced capacity as early as the first week of July.“The severe storm in Montana unexpectedly decreased our hash rate in June and presented us with a new challenge that we are actively working to overcome,” said Fred Thiel, Marathon's chairman and CEO.“Bringing miners fully back online will take time, and we are committed to doing everything we can to rebuild our hash rate and to improve our bitcoin production. As part of that process, we have redirected our active miners, which represent approximately 0.6 exahash, to point towards a third-party mining pool, so that we can improve our probability of earning bitcoin while we work to bring the Hardin miners back online. Separate from this event, construction and installations in Texas have continued as scheduled, and given the current macro environment, our pipeline of potential new hosting arrangements remains strong. We appreciate the continued support of our shareholders as we work through this process.”

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About Marathon Digital Holdings Inc.

Marathon is a digital asset technology company that focuses on supporting and securing the bitcoin ecosystem. The company is currently in the process of becoming one of the largest and most sustainably powered bitcoin mining operations in North America, while remaining asset light. For more information about the company, visit  .

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