MARA is expanding its capacity in Ohio by 372 megawatts, of which 152 megawatts are operational and 220 megawatts are under development

Acquisition of two sites with a total capacity of 222 megawatts for $270/kW
The acquisition multiple of $270/kW is one of the lowest among larger public peers
Greenfield development of a 150 megawatt site, which is to be gradually brought into operation by the end of 2025
The operational capacity of computing and much of the expected growth capacity are fully secured

Fort Lauderdale, Fla., Nov. 11, 2024 (GLOBE NEWSWIRE) — MARA (NASDAQ: MARA) (“MARA” or the “Company”)a global leader in digital asset computing supporting the energy transition, today announced the expansion of its owned and operated computing capacity by approximately 372 megawatts across three locations in Ohio. These additions include the acquisition of two data centers totaling 222 megawatts of approved interconnect capacity and the development of a third greenfield data center that is expected to add 150 megawatts of computing capacity upon completion.

On November 5, 2024, MARA acquired the two operational data centers in Hannibal and Hopedale, Ohio, with 222 megawatts of approved interconnect capacity. These sites have a capacity of 122 megawatts and an interconnection permit to expand by an additional 100 megawatts. At the same time, MARA has begun development of a 150-megawatt operation in Findlay, Ohio, which already has 30 megawatts of capacity. These three facilities have a combined interconnection approved capacity of 372 megawatts, which MARA aims to fully power by the end of 2025. The computing power for these sites is purchased, secured and ready for deployment, and the company believes these sites will accelerate MARA's success toward its 2024 goal of 50 EH/s.

“Thanks to MARA's proven discipline and data center expertise, we acquired these assets at a multiple of approximately $270,000 per megawatt, based on approved capacity and after customary adjustments,” said Salman Khan, MARA's Chief Financial Officer. “This is one of the lowest disclosed multiples among our larger listed peers and demonstrates our unmatched ability to make accretive acquisitions. Additionally, these data centers will increase our total owned and operated computing capacity by over 70 percent. Owning the sites provides us with greater operational control and could reduce our operating costs at the Hopedale data center, previously operated by the previous owner, by up to 50 percent. Much of the future capacity will be alongside ongoing power generation, providing cost reduction opportunities, power redundancy and development options.”

Fred Thiel, Chairman and CEO of MARA, added: “Beyond the financial benefits, these data centers contribute to the resilience of MARA's flexible computing portfolio.” This initiative increases MARA's presence at PJM, one of the largest and most advanced Independent System Operators (ISOs ). Once energized, our data centers will be further diversified across multiple jurisdictions and independent system operators, ensuring that no single ISO comprises more than 50 percent of our owned and operated capacity. We intend to continue to expand and diversify our portfolio of owned and operated locations, through which we expect significant cost savings. These growth initiatives are consistent with our strategic goal of positioning MARA as one of the most cost-effective operators in the industry.”

Over the course of 2024, MARA secured almost 1 gigawatt of nominal capacity through acquisitions and greenfield site developments. As a result of this strategic expansion, the company's total capacity has increased to nearly 1.5 gigawatts, with approximately 65 percent of this capacity proudly owned and operated by MARA.

Note to investors

Investing in our securities involves a high level of risk. Before making any investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and any other periodic reports we may file in the United States Securities and Exchange Commission (the “SEC”). If any of these risks materialize, our business, financial condition or results of operations would likely suffer. In this event, the value of our securities could decline and you could lose some or all of your investment. The risks and uncertainties we have described are not the only ones we face. Additional risks that are not currently known to us or that we currently consider to be immaterial may also affect our business operations. In addition, our past financial performance may not be a reliable indicator of future performance and historical trends should not be used to predict future results. See “Forward-Looking Statements” below.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. All statements contained in this press release, other than statements of historical fact, are forward-looking statements. The words “may”, “will”, “could”, “anticipate”, “expect”, “intend”, “believe”, “continue”, “seek” and similar expressions or variations or negatives of these words are intended to be used by Us identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such forward-looking statements include, but are not limited to, statements regarding our goal to fully power the acquired sites by the end of 2025, greenfield data center development and potential cost savings. Such forward-looking statements are based on management's current expectations about future events as of the date hereof and involve numerous risks and uncertainties that could cause our actual results to differ materially from those expressed or implied by our forward-looking statements. Subsequent events and developments, including actual results or changes in our assumptions, may cause our views to change. We undertake no obligation to update our forward-looking statements, except as required by law. Readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements contained herein are expressly qualified in their entirety by these cautionary statements. Our actual results and outcomes may differ materially from those contained in these forward-looking statements as a result of various factors, including, but not limited to, the factors set forth under the heading “Risk Factors” in our most recent annual report on Form 10-K and any other periodic reports we may file with the SEC.

About MARA

MARA (NASDAQ:MARA) is a global leader in digital asset computing, developing and deploying innovative technologies to build a more sustainable and inclusive future. MARA secures the world's leading blockchain ledger and supports the energy transition by converting clean, lost or otherwise unused energy into economic value.

For more information visit www.mara.com or follow us on:

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