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Cryptocurrency Stock News Bites - Marathon (NASDAQ: $MARA) Reports Fourth Quarter And Fiscal Year 2020 Results


LAS VEGAS - March 16, 2021 - ( Cryptocurrency Stock News Bites - Marathon Digital Holdings, Inc. (NASDAQ:MARA) one of the largest enterprise Bitcoin self-mining companies in North America, reported financial results for the fourth quarter and fiscal year ended December 31, 2020.

Fourth Quarter 2020 and Recent Highlights

  • Purchased 90,000 of the industry';s most efficient Bitcoin miners during the fourth quarter, increasing the Company';s mining fleet to approximately 103,120 miners capable of producing 10.37 EX/s (exahash per second) by the first quarter of 2022
  • Initiated construction of mining facility adjacent to Beowulf';s energy plant in Hardin, MT, supplying Marathon long-term access to electricity at 2.8¢/kWh
  • As of March 15, 2021, installed 3,697 S-19 ASIC miners at the mining facility Hardin, MT, increasing Marathon';s current active mining fleet to 5,690 miners with an additional 6,641 already delivered from Bitmain and in the process of being installed
  • Formed the Digital Currency Miners of North America (DCMNA), a U.S.-based non-profit aimed at improving the mining environment for North American miners
  • As of December 31, 2020, the Company had $216.1 million in cash and cash equivalents and total liabilities of $1.5 million
  • As of December 31, 2020, the Company generated and held over $2.3 million in bitcoins as digital currencies
  • As of March 15, 2021, the Company had $219.0 million in cash and cash equivalents (*unaudited)
  • As of March 15, 2021, the Company generated and held over 254 bitcoins, each of which had a market price of approximately $56,413; as a result, the approximate value of Marathon';s bitcoins held as digital currencies was over $14.3 million (*unaudited)
  • Subsequent to year end, purchased 4,812.66 bitcoins for $150 million (average purchase price of $31,168 per BTC), establishing the Company as one of the only pure-play Bitcoin investment options; as of March 15, 2021, the Company';s $150 million investment in Bitcoin has a fair market value of approximately $271 million, a gain of approximately 81%
  • Rebranded to Marathon Digital Holdings, reflecting the Company';s position as a leading digital asset technology company
  • Strengthened management team with the appointments of Simeon Salzman to chief financial officer and Kevin A. DeNuccio to board of directors

Read the company';s full news and disclaimer here:

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