Page 1

May 10 , 2021 MARA Marathon Reports First Quarter 2021 Results LAS VEGAS , May 10 , 2021 ( GLOBE NEWSWIRE ) --Marathon Digital Holdings , Inc. ( NASDAQ : MARA ) ( " Marathon " or " Company " ) , one of the largest enterprise Bitcoin self- mining companies in North America , reported financial results for the first quarter ended March 31 , 2021 . First Quarter and Recent Financial Highlights • Total revenues increased to $ 9.2 million from $ 592,000 in the first quarter of 2020 • Primarily due to a $ 132 million unrealized gain from the change in value of Marathon's $ 150 million Bitcoin investment made in January 2021 , net income improved to $ 83.4 million , or $ 0.87 per diluted share , from net loss of $ 1.1 million , or ( $ 0.12 ) per diluted share • Adjusted EBITDA improved to income of $ 137.4 million from a loss of $ 479,000 in the first quarter of 2020 • As of May 6 , cash was approximately $ 204.4 million and total liquidity , defined as cash and bitcoin holdings , was approximately $ 503.2 million First Quarter and Recent Bitcoin Mining Highlights • Produced 192 newly minted bitcoins in the first quarter of 2021 ; as of May 6 , produced 386 newly minted bitcoins in 2021 • Increased the number of active miners to 6,800 miners , generating 0.71 EH / s in the first quarter of 2021 ; as of May 6 , the Company's total active mining fleet consisted of 13,644 miners , generating approximately 1.46 EH / s • As of May 6 , 2021 , held approximately 5,324 bitcoins , each of which had a market price of approximately $ 56,135 ; as a result , the approximate value of Marathon's bitcoins held as digital currencies was approximately $ 298.8 million First Quarter and Recent Corporate Highlights • Purchased 4,812.66 bitcoins for $ 150 million ( average purchase price of $ 31,168 per BTC ) • Rebranded to Marathon Digital Holdings , reflecting the Company's position as a leading digital asset technology company • Strengthened management team by appointing Fred Thiel to chief executive officer as Merrick Okamoto remained executive chairman of the board of directors • Became the first North American enterprise Bitcoin miner to produce Bitcoin in a manner that adheres to anti - money laundering ( AML ) and the U.S. Department of the Treasury's Office of Foreign Asset Control's ( OFAC's ) standards by directing all of the Company's hashrate to the Marathon OFAC Pool