Marathon Digital Holdings continues international expansion with 100% renewably powered Bitcoin mining project in Paraguay

Fort Lauderdale, FL — November 7, 2023. Marathon Digital Holdings, Inc. (NASDAQ: MARA), a leader in supporting and securing the Bitcoin ecosystem, has launched its second international deployment with a 27 megawatt Bitcoin mining project in Paraguay that is completely powered by renewable, hydro energy.

On October 16, 2023, Marathon entered into an agreement with Penguin Infrastructure Holding (“Penguin Digital”), which aims to transform energy into human potential in Paraguay, to launch a Bitcoin mining project near Paraguay’s Itaipu Dam — the second-largest hydroelectric dam in the world by annual production, with an installed generation capacity of 14 gigawatts. The Bitcoin mining site has already been energized, and the first miners are currently being installed and brought online.

A two-phase joint venture

This project, structured as a joint venture, will be built out in two stages:

• Phase 1 — approximately 7 megawatts, powering ~0.3 EH/s of Marathon’s miners
• Phase 2 — approximately 20 megawatts, powering ~0.8 EH/s of Marathon’s miners

Over the coming months, Marathon will be working with Penguin Digital to bring the full 1.1 EH/s online.

Why Paraguay

“After proving that we can successfully deploy internationally with our project in Abu Dhabi, we are continuing to expand into new markets with excess or stranded energy. This project is our second international deployment and marks our first into Latin America.”

— Fred Thiel, Marathon’s chairman and CEO

Paraguay produces approximately 32 terawatt hours of surplus energy per year, which results in lower productivity for the utility and for the country. Bitcoin miners, like Marathon, have the unique ability to co-locate at sources of power that are producing excess energy, like the Itaipu Dam in Paraguay.

For Marathon, such deployments provide the opportunity to reduce power costs and increase the mix of sustainable energy in operations. For utilities and countries with excess power, the partnership monetizes that surplus without requiring expensive transmission lines or additional infrastructure.

A case study for the region

Marathon views the Paraguay site as a potential case study for the value Bitcoin mining can bring to regions with excess power. The company has signalled intent to expand operations in Paraguay and elsewhere.

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About Marathon Digital Holdings

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. For more information, visit www.mara.com.