Although we continue to install miners at the Texas facilities, we have experienced delays in energization as Compute North’s energy provider awaits federal agency confirmation of its exempt status for tax purposes based upon its arrangements with Compute North,” said Fred Thiel, Marathon’s chairman and CEO. “While these delays have been disappointing, our current understanding is that miners should start to come online this month. We continue to work closely and actively engage with Compute North to gain more insight into the energy provider’s timeline and to ensure that these delays, once resolved, will not impact our future deployments.
“In the meantime, installations of our miners have progressed irrespective of the energization schedule. Currently, in addition to our active fleet, we now have 19,000 miners, representing approximately 1.9 EH/s, that have been installed and ready for energization. Over 9,000 of these units, representing 0.9 EH/s, are at Compute North’s first major facility in West Texas. The remainder are installed at other locations. This first major facility is being completed in four stages. Stage one is already complete. It is our understanding that the entire facility, which will house approximately 68,000 of our miners, will be fully constructed with all miners in installed by the end of the third quarter of 2022.
“These energization delays in Texas, coupled with ongoing maintenance issues at the power generating station in Hardin, MT, negatively impacted our bitcoin production last month. In May, maintenance issues at the power generation station in Montana caused us to produce approximately 47% less bitcoin than what would have been expected based on the network’s hash rate during the month. However, we believe that our production results will improve over time as we move forward with our deployment plan and energize our miners installed in Texas.
“We remain confident that Marathon is well positioned to achieve its performance goals, and we will continue to provide updates as they materialize. We have a strong foundation from which to build, we have a solid pipeline of potential hosting and power arrangements that exceeds our needs and allows us to diversify our operations, and we have a strong balance sheet to support our growth plans. We look forward to continuing to execute on our strategy of achieving carbon neutrality by the end of this year and growing to 23.3 EH/s in early 2023.”
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