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MARA Announces Bitcoin Production and Mining Operation Updates for April 2025

1. MARA's energized hashrate increased by 5.5% to 57.3 EH/s. 2. Bitcoin production decreased 15% month-over-month due to higher mining difficulty. 3. MARA holds 48,237 BTC and did not sell any in April. 4. Expansion completed in Ohio, increasing capacity to 100 MW. 5. Gas-to-power operations in North Dakota and Texas reduced mining costs.

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FAQ

Why Neutral?

Although increased hashrate signifies growth, decreased BTC production and heightened mining difficulty indicate potential operational pressures. Historical examples show that companies with fluctuating production can experience volatile stock prices.

How important is it?

The article highlights critical production metrics and operational changes, impacting investor sentiment and stock performance. Given MARA's significant exposure to BTC price changes, this news warrants close attention.

Why Short Term?

Operational changes and BTC price fluctuations typically have nearer-term impacts. Given MARA’s reliance on BTC mining efficiency, any developments in this area will reflect quickly on stock performance.

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Energized Hash Rate Grew 5.5% to 57.3 EH/sIncreased BTC Holdings* to 48,237 BTC Fort Lauderdale, FL, May 05, 2025 (GLOBE NEWSWIRE) -- MARA Holdings, Inc. (NASDAQ: MARA) ("MARA" or the "Company"), a vertically integrated digital energy and infrastructure company that leverages high-intensity compute, such as bitcoin ("bitcoin" or "BTC") mining, to monetize excess energy and optimize power management, today published unaudited bitcoin production updates for April 2025. Management Commentary "In April, our production saw a 15% month-over-month decrease in blocks won, as global hashrate had its second largest monthly gain on record and mining difficulty grew 8% from March," said Fred Thiel, MARA's chairman and CEO. "Despite these headwinds, our energized hashrate grew 5.5% over the prior month. We completed a 50-megawatt ("MW") expansion at our fully owned data center in Ohio, bringing total operational capacity to 100 MW, with the site designed to scale up to 200 MW. Additionally, we installed over 12,000 S21 Pro miners at the location. "Last month, we fully energized our 25 MW gas-to-power operations across wellheads in North Dakota and Texas. These sites currently provide us with our lowest cost per BTC mined while monetizing excess gas and mitigating methane emissions for the producers. “We remain laser-focused on transforming MARA into a vertically integrated digital energy and infrastructure company. We believe this model gives us tighter operational control, improves cost-efficiency, and makes us more resilient to shifts in the broader economy.” Operational Highlights and Updates Figure 1: Operational Highlights Prior Month Comparison Prior Month Comparison Metric 4/30/2025  3/31/2025  % Δ Number of Blocks Won 1  205   242   (15)%BTC Produced  705   829   (15)%Average BTC Produced per Day  23.5   26.8   (12)%Share of available miner rewards 2  5.1%  5.8%  NM Transaction Fees as % of Total 1  1.3%  1.3%  NM Energized Hashrate (EH/s) 1  57.3   54.3   5.5% These metrics are MARAPool only and do not include blocks won from joint ventures.Defined as the total amount of block rewards including transaction fees that MARA earned during the period divided by the total amount of block rewards and transaction fees awarded by the Bitcoin network during the period. NM - Not Meaningful As of April 30, 2025, the Company held a total of 48,237 BTC*. MARA opted not to sell any BTC in April. *Includes loaned and collateralized bitcoin Investor Notice Investing in our securities involves a high degree of risk. Before making an 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 that we may file with the U.S. Securities and Exchange Commission (the "SEC"). If any of these risks were to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair 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 anticipate results in the future. See "Forward-Looking Statements" below. The operational highlights and updates presented in this press release pertain solely to our BTC mining operations. Detailed information regarding our other operations can be found in our periodic reports filed with the SEC. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical fact, included in this press release are forward-looking statements. The words "may," "will," "could," "anticipate," "expect," "intend," "believe," "continue," "target" and similar expressions or variations or negatives of these words are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such forward-looking statements include, among other things, statements related to scaling our data center in Ohio, mitigating methane emissions at our gas-to-power operations in North Dakota and Texas and expected benefits of transforming from an asset-light model into a vertically integrated digital energy and infrastructure company. Such forward-looking statements are based on management’s current expectations about future events as of the date hereof and involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Subsequent events and developments, including actual results or changes in our assumptions, may cause our views to change. We do not undertake to update our forward-looking statements except to the extent required by applicable law. Readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements included herein are expressly qualified in their entirety by these cautionary statements. Our actual results and outcomes could differ materially from those included 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 that we may file with the SEC. About MARA MARA (NASDAQ: MARA) is a vertically integrated digital energy and infrastructure company that leverages high-intensity compute, such as bitcoin mining, to monetize excess energy and optimize power management. We are focused on two key priorities: strategically growing by shifting our model toward low-cost energy with more efficient capital deployment and bringing to market a full suite of solutions for data centers and edge inference - including energy management, load balancing and advanced cooling. For more information, visit www.mara.com, or follow us on: Twitter: @MARAHoldings LinkedIn: www.linkedin.com/company/maraholdings Facebook: www.facebook.com/MARAHoldings Instagram: @maraholdingsinc MARA Company Contact: Telephone: 800-804-1690 Email: ir@mara.com MARA Media Contact: Email: marathon@wachsman.com

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