MARA - Earnings call transcript Q4 2024 | Marathon Digital Holdings, Inc.

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Operator

Greetings, and welcome to MARA's Q4 2024 Earnings Call. [Operator Instructions] Please note that this conference is being recorded. I will now turn the conference over to our host, Robert Samuels, Vice President, Investor Relations. Thank you.

You may begin.

Robert Samuels

operator. you, Thank welcome XXXX and Fourth and Quarter Good Call. to Year Earnings Full afternoon, MARA's Thank us for you joining today.

Chief Khan. With me Officer, our Executive Chairman and Officer, on today's call Fred are Thiel; our Chief Financial Salman and

by identified statements plan, performance Certain statements call the of about forward-looking similar In meaning growth statements. reliance this liquidity made are our laws. are forward-looking and future the estimate, securities cautioned may, future any and statements as opportunities within on performance, position, considered federal our may of such design, particular, expressions the are statements. believe, undue project, use anticipate, to be during Investors These words forward-looking and financial place not these or statements growth intend, variations. our plans our would

All on made and call risks involve forward-looking statements uncertainties. today's

these While of current statements forward-looking at we some so no required doing applicable to except extent elect in have intention future, the by may we update the point to law.

and results materially Risk recent the result in may Commission. forward-looking Securities including, outcomes differ actual in the heading on discussed most report with Our and XX-K Factors periodic Form other reports included under but that a our various factors, factors the statements of limited annual from these any file to, as those not may we Exchange and

these recurring operations our financial be of measures earnings measures. the indicative may not comparable they for to important reconciliation will its with adjusted certain financial financial total to including exclude because are indicators not accordance non-GAAP most to certain MARA call, performance measures refer refer United in accounting generally operating Please not accepted these Finally, margin. do we of please financial principles that today's of full non-GAAP we and that note a were prepared in and operations. GAAP release the non-GAAP measures believe EBITDA on reflect believes directly core items States, our that the

with analyst remarks We hope comments, look our Fred prepared some and to shareholder you've chance to are we We'll Salman, their your be and to read letter, from had the we begin going forward feedback. finished, Once session after go of questions with will analyst conducted through be Fitzgerald. has the investors. Fred at Knoblauch, management. from interview conducting Cantor we more an some will retail by our Today's popular Brett

call out that Fred with to way, And the things going over off. kick the I'm turn to of Fred? to

Frederick Thiel

you, proud and year full Rob. XXXX. for for net and very record everyone, quarter income to fourth Thank high us adjusted Thanks, this joining revenues, I'm afternoon. EBITDA report the

energy our XXXX per direct In $XX,XXX for addition, bitcoin was from cost our own sites.

X this energy total to owned that Our capacity, from reducing in solutions more provider, first XXX% on shareholder in XXXX. set [ through secured cost vertically-integrated MARA approximately portfolio our light a we transformation our quarter gigawatts a to are motion expanding energy power-generating assets, to from letter and and ] grid into walks We last that X.X gigawatts, year and accelerating technology our lowering the transformation our power mine. we reliance deployed

X make to to our capital like and us for our be life useful doubling compute, $XX need years by extend sites largest our more single us cases. energy our some energy energy, average dependent could miner at on where reduced, of a even X connected grid which This lower we as paying cost the biggest CapEx believe we assets, potentially input allows be life owned assets, item, may in megawatt replacing sites is energy will At owning efficient By low of peers. CapEx miners, is use we single these megawatt. less as less or cost, where the our maintenance $XX our fleet every the a what

be able allowing times likely have would potentially mine to in when us curtail others high, reduction to the benefit also to we cannot. hash is to marginal global too This will mine cost others while some from because at means rate,

to in that of to our transformation focused and help regards is energy the The offset how simply consumed, developing customers distributed. centers, solutions allows activate reliant their new data and in cannot. other us area us solutions is very power We can markets. costs operators This grid we're services on revenue stored generate them, for optimize and miners with that load AI balance energy co-locate and ways to

our we're of far from proud transformation, but done. We're

remain artificial the our bitcoin in emerge business, in on as major how explore While can a we bullish opportunity, intelligence. next to leader MARA mining we're continuing

own can sites more as customer more MARA as We'll and next in AI, and an deploy focus inference our pilots the our you read partner this of technology the of it AI set plans our cooling quarter, XX well discuss liquid using to site. inference With compute at on initial where totaling detail XPIC in letter. we our AI shareholder year megawatts about intend

emerging including business, our taking steps investing with conjunction create markets, we the AI presence in technology which will establish expect revenue term. in long additional today, to development and over adjacent In research in we're our opportunities

laser-focused thank cost for we their our drive towards realize of their our on goal efficiency near for of energy. savings employees from expect generating and our hard and decline cost owning power, to we own like own and our sites to our work as I'd will support. as We our X be we shareholders

quarter. to for highlights And Salman? from it over Salman with I'll some that, turn the

Salman Khan

Fred. you, Thank

the Fred year. for As fourth record full results we quarter and mentioned, reported

metrics. You details to our few the wanted I can see letter, in but highlight a key

operational digital a vertically-integrated SEC centers, be of owned we we This will filed audit percentage efficiency, acquiring control in and data our XXXX, increasing infrastructure process. XX%. capacity Fred company mentioned. to forward to is achieving a approximately In critical into greater the our details with energy financial completion step available Full own, Form of the upon timely XX-K as be which by X and transitioned strategically

XX% in QX the million $XXX.X XXXX me XXXX. financial QX highlights of let to increased of provide million Now from quarter. in Revenue for $XXX.X

revenues or share. XXX% million XXXX $X.XX XX% Net million other of million QX income XXXX, diluted of $XXX.X grew For from $XXX.X the hand, XXXX. from $XXX.X to per on in to million $XXX.X $X.XX income, XXX% net includes net on to increased income digital diluted or Full net Net in income million of per value year year period. $XXX $XXX.X to compared income the fair assets. grew prior income In share. of million

XXXX. On QX the $XXX.X other to in hand, adjusted million EBITDA increased of

year increase this is EBITDA to year from of the benchmark a adjusted adjusted industry. of year's EBITDA billion As prior reminder, million in $XXX last million. compared That XXXX's new $XXX.X QX or was $X.X a for Full period. the

as depreciation, kilowatt hour $XX,XXX, and was quarter per our this XXXX. per to $X.XXX by X% own petahash for for revenue full energy in cost direct cost of Fred per our and bitcoin XX% improve excluding continued Cost mentioned, day, year. per was Finally, sites the

start that, over from interview. Cantor With to Fitzgerald our turn Brett? management Brett to it I'll

Brett Knoblauch

having for good here [ you Thank have ] Perfect. me excited a to and today dialogue here.

Brett Knoblauch

talked are interested to CapEx give a it of at AI more infrastructure you build a the load are year. just in? to leasing space do Maybe in expectations I plans the us what something Or co-location the your to maybe you call those where on peers model locations? tenant. are it, But a of interested out helping spending a to bit about Is know that they're to lot balance detail start, in guys kind are looking your and you for next and

Frederick Thiel

are isn't sites things. think AI because sites of or huge been about some earnings. industry and I real peers where about and while in the on demand their there for a number and the for our today. most that are talk a in A couple they're megawatts AI focus XXX larger hyperscalers that of from vendors the I is mean, the the the hyperscalers even recent just more. is from looking load these capacity One there of AI lot say, hyperscalers there's have press talked a let's HPC in this primary recently

you you the when this to ] essentially, providing next We in [ back really as a build-out rack first of time as believe I becomes an if think developed data essentially became commodity. boom, and like Realty really Digital go Internet had then then occurs, overbuild you came that companies And you're And business. a who commodity. the PowerPing are the space and And experts you this the at the wave, huge others center have second and wave build-out space capacity.

think the centers AI, trend There's learning need in in We capacity large for with is a the centers, slightly that. shifting is different. those but

runs training and are on moving focused see in I sites Now and talking the regioning about they're models people the agents, people towards is scale press to more the more shift already much continue reasoning and what need these more demand from going expensive to AI away think operated. And people you'll moving for systems. how do to this and more very and how are

We to and come ball very lot The needs into think, it's in a miles to going for is of that in be away have site that from a you in up. to So moving think to proximity typically Blackwell, believe money the going we per profit chasing an where is make shift. you site, to don't we close investments quickly is load hard inference. Once are to each customer, inference where generation and have real energy. you AI. not have I rack it very increasing of and from actually power AI keep model, Inference to are with hugely you going miles want be is a the our areas a peers, inference where low-cost located

where often. customers their customers and need the don't the They want response the near control need low data are the leave customers to the to rapid latency, be customers because need

deal in we be and that's very to be just and at you're we're to leases to be to going trying to we're believe, the inference edge, for their the so something with equipment. [ where complete customers provide customers want future big own as opposed very and And to a able sites focused going having solution to ] to putting scale sites, build with on small AI inference are we AI

Brett Knoblauch

as thoughts remarks, you guys power and And Very look XXXX expect in miner like XXXX, Should as trend that you to go to regions transformational did would hosted your XXXX? as accelerate you bitcoin in I where of that any you we expect much to prepared was or year vertically-integrated noted, do a a outlined on you you Understood. XXXX. locations from out in to largely helpful. And miner. going in a that? acquire feel

Frederick Thiel

great question. a That's

generators XX% we've markets market international the previously in as of energy distribution by U.S. is stated providers. our and lots coming infrastructure XXXX. of of to essentially the highly how important have we market industry an a capacity sorts it's and IPPs, regards market think And that in The expect operates. it's fragmented So difference other there's fragmented. energy And market the to of from energy, where domestic we a very international U.S. with all

in opportunity power partners just controlled. centrally across of is you are about with to X comes to joint markets successful did vendors And rather we price to and if the collaborating companies projects international is under by of when fully a the our contracts company. issue. sites but an with company, at That months. less ventures you begun in which an where it speaking The operational of is what have far us, be went one an with to partner UAE, energy energy XXX be with from we can megawatts energy energy what XX look capacity when most in not sovereign we to happens internationally of

that can a as capital You contribution. view

to for them provide large-scale add help energy help hyperscaler sites their like together They those on those allowing internationally, load with sites, focused on can as very them grids, partners, curtailment and balance the so begin have use ability capacity to where that opportunities the AI. We're to with building extra grid. they sites curtailable things we provide

of the of that U.S. load have if was may seen recently it additional the had the XX came out, time. said gigawatts curtailed which University the You on capacity Duke study, X% which

in provider controlled partnering develop. and them, them, in being centrally is And business markets a way being will believe so energy the of we energy those not customer with with the that future markets,

term. in possible, In as for as of own continue however, focus will cost acquiring X our long Bitcoin energy energy to the because to we making mining critical being to on we believe generator is U.S., getting viable the near assets

X We going have another having opportunity very after one, coming energy time long is years not that. to another more in expensive. and grid get only and

I of customer. ] control have be And partner Or disrupt be with low-cost have so said if energy energy have miners the mining as will assets. in back company, in extremely another their energy a [ to you'll to own and XXXX,

one will see about model, internationally us using using see the us but grow grow you'll another, be markets. sites time, So split between you'll X our over domestically XX-XX

Brett Knoblauch

how In down like I energy how the owning owning the of if maybe route? up instead you just terms does terms of that to energy vendor in asset, guess, of going can a quickly compare ownership you're spin scalability, asset being exahash

Frederick Thiel

here's thing. the interesting Well,

look this you at farm that's farm that for If we Texas wind that sells wind in example, today. a energy acquired,

be to flow Wind site solar So electron that of these peak from doing to to actually profitable with the we high they're can from they XXX% that sites and certain and cash margin. we able periods the few the site. can what XXX% scale profits times every end sell able capacity to during be And aren't only energy of nameplate sell into up maximize able site. their is where have really very be still time. generating assets optimizing that and It's

places electron. Because Texas as maximize with instead if familiar the electron during all can to of the certain every per duck exists generation off comes day. in pricing we're like profit wind single we due utilize there's that the But farm, to that the negative curve, intermittent able that times you're

it so can own an to almost trader, And still customer, but us grid. really vendor remain a the be where as energy our to we're allows we

your have detached lives to much site life. you And [ and It have at more because already strategy do a X continue importantly, that's the per more their the and We lowers now are hours day. generate CapEx which you X lowers generate populate and wind extend that near cost rate grid than with that of we very depreciated And maintenance wind run very is, may to X and lower lower don't machine ], a day. efficient, makes hash your time. exahash to which the CapEx, it. can time. amount having as a may you machines able So which means and a marginal having But now is believe run CapEx to long-term extend overall equity cost over this take full your energy, which or moving capital we have be the things that it there's almost much may connected site, been them because you allows to competitive. low-cost cost to build in to are you're fully energy, running energy shareholders take which benefit don't like do low-cost to grid not by to It not of hours depreciated significantly excessive those to run on fully spend maintain and machines grow able to capacity, stay continue debt necessarily issue excess to energy

Salman Khan

beginning and point to to want operated I that owned the used operated. Brett, company And X% we owned exited a year have XX% we last out and of at -- be historically, we year.

at on are for capital creation return we important focused value And matrix, basis an XX% more is single than our our matrix stockholders, on look for which is digit. that our which ROCE our us. you on means very employed annualized If is versus competition, an

the playbook MARA we've to used when we've electrons So and capacity. standards. to acquisitions, about -- our used by acquired our megawatts these and sites the you we've historically think improving Improving

rate example, by from for increased by So our at we the capacity to with QX QX. XXX% Texas, Granbury, growing XXX% hash

day by per cost reduced addition, on In we this. petahash XX% our also per

while They careful mindful acquisitions are we towards all, also, are our very look of of it use ultimately. unlocks that eyes, actually And you value of future, the capital. do. is our the as more in all we the the So back, mentioned, Fred when stockholders for

Brett Knoblauch

XX The Maybe point decisions? scaling the And just XX-megawatt what you the enough megawatts. initial information have should NGON, to on front with is more this question I past that make think power on. progressing? model At guess, one moving how partnership we how those before would about

Frederick Thiel

Yes.

no on-site spectrum, is operational So a planned challenge has the at and the at data us. This the the that of the by this And hyperscalers are ability other the to you something practical for be XX it's going generate and look is at that what end of to we own great very actually. doing as with at looking when center all looking generating will megawatts year. taught fully success their they're QX hiccups progressing be end us the think electricity.

And there where stranded are where scale generation larger to gas you bitcoin. in gas essentially have advantage deploy and in you generating access for mining addition this own along so you to opportunities of that's can natural us and flared scale to have your energy take pockets gas, areas

you At attractive. the AI those you become more time, optionality, even build they places where same assets, in if have

And so energy owning are assets we going to a very these believe run, the for be in company. asset the valuable long types of

we footprint begin and as of bitcoin we the to same mining at AI. time the to enter in expand As continue our world

Brett Knoblauch

cases kind that, then of And bitcoin most we're think cyclical. you the in? are look switching now gears days when guess, important. network I [ I been couple you and Maybe seems be to and bit. those proven be trade what gets you going are of a to bitcoin at [ Perfect. there do more certainly part to right ecosystem, of past has be projects usage or It's cycle guess ] a to there. What ] excited? to of a the longer-term specific a fees risk-off you tracking that out guys adoption as bit use bitcoin or looking follow-up the that

Frederick Thiel

look highly the proof days, growth over ETFs the shows that. operates equities. Well, similarly is rapid growth of you the that the few equities bitcoin the of ETFs it clearly outflows past think certainly and And markets. to I from if to the very it at correlated The has become

[ ebbs ] the recessionary the you have going And markets. and flows bitcoin in and to stock the now. be of bitcoin when And hitting are so as equities, same signals is to correlated out

curve inversion high again that and running a yield have amongst inflation there's have You is belief still and risk. you that consumers

street, person haven't still there. talk expensive down. to come average things the you on Prices out the If are

risk-off you're sells think I of where more So and more a that's to an off. bitcoin and starting environment see typically environment,

and very seeing still [ dollar the being are opposite ] value dollar in seeing And store also really a that gold on. tend move high directions. you're and focused bitcoin You're to people the

One reasons of governments you have is so of that. the buying much

the bills think for going bitcoin now catalyst in have that you really to have strategic on to states essentially the are I XX the books the reserves. bitcoin be create -- U.S.

X% bitcoin, of the an then that impact, bitcoin. do to on and they of impact the would the the market If continue as will countries And have other significant assets their if government in especially a have follows price federal do suit, also same. that will

think I broken So don't all. is the at long-term trend

I we're institutional stages Bitcoin. of in adoption of still think early very the much

I and for is as built build exciting assets. you're investment rather an to to cases assets, an and are asset, monetizing do being sidechains where don't are instrument you're all What starting payments starting investment at ecosystem or today, have necessarily that to real-world bitcoin the outside use bitcoin bitcoin as with think tokenizing look of applications around or in the that

built. it come but a cases, exciting the use certainly stuff comes think to I is of yet there's being when So stuff to lot

I ethereum build -- X I more being central and premier under on. more certainly the the And been as it's a and is from lot of that see and TradFi people and over and kind centralized centralized world network a is of tools the I even control. years. of we'll a of bitcoin come most network appearance more become the secure think to is think more world developed, that of and its next suffering, stuff And exciting are traditional viewed want the think

Brett Knoblauch

agree. I Yes,

having on. the build destination there makes capital to where is is all bitcoin capital it most the think the and I preferred

issuing meaningful As of guys market you those converts evolution I over holdings, couple made of capital a at Using quarter, look a know your bitcoin. you and converts. to your last bitcoin in strategy the

think maybe if you you why go maybe to strategy, comment out rather just additional buy miners bitcoin assets to and And that infrastructure? or we of? capital basis? So on the on than part would this converts market grow to your a energy expect Is could something that strategy generation more a of longer a or you is do buy chose frequent that issue should

Frederick Thiel

theory started focused in back more a election half we buying becoming to if outcome of and on balance paused bitcoin on in XXXX. had capacity. growing administration year, the going was so price we [ we started an as that the the we bitcoin for early bitcoin place, while sort bitcoin degree especially come in It's a would evident. had price then of trends appreciate, a were our our appreciate. more And of that because And year, would busy back acceptance put the -- to exahash for ] high for and Last the sheet

you you and use so best in your price what's you by an a at leverage Can bitcoin then least that be to asset to comes months. or generate that the from look Or lower that for to a the get to yield? have the capital XX being bitcoin return produced in it great now over And first long buying where going able XX moment. asset won't are of invest at term at that

a And chose appreciating depreciating buy to necessarily way take use better bitcoin, for assets as you the buying to for is we and bonds, as miners. which using as converts such those when converts that an leverage than basis so asset

great invested we discount, And learned back in mining some amount convert created XXXX, Back process. And a $XXX shareholders. fair at we a we successful we a that we buying doing that infrastructure. were lot raised which in a in of late lot for in been what which did to where see value million, it done best that. be, view And and we'll buying buy he continues is a with Michael with that how assets, and Saylor believe we for successful continues we that's if and debt certainly to used convert of it. But more bitcoin, we're opportunistic has appreciating our

So...

Salman Khan

that, is to to space company, largest add allocation as best can as the imagine, in a initiatives and And have this as player capital multiple to just capital we a use question. you public And And that created happy us for history, made invest out at basis. per on sense on you the very a yield it bitcoin. to go dollar. of And and which almost XX% a we've allocate this we're about. we in that look share

terms as of of diversifying our see, in capital. of we've Now sources source capital, our you been can

from we bitcoin. against us expect that from towards cash that, And management For XXXX, converts a return that example, and had sitting or better And than to under give loan last ATMs. [ actually, sourced treasury -- before last XX% XXX% rest setting capital reduced XX%, the also almost ] year, so. that will we standpoint. the balance a the was approximately in year on we of the year, the sheet And or reliance on

Brett Knoblauch

agree. I certainly, No,

think targets or Do hash to the 'XX? the that above this had hit you And For this a give year? ago. year? X.X% XXX%. any but couple of as guys envision over know I How a 'XX, throughout you year, by bit quarter we network growth pulled should fourth rate X,XXX installed it rate be about we progress you the hash I hash would last in weeks that little also hash weeks, thinking you want for back has grew your in few share to improving maintaining

Frederick Thiel

to going think rate I target hash per I'm give se. a not

company, global had and XXx large-scale saw essentially overnight hash essentially on have of Bitmain is to because older hash of very bitcoin. their profitability the this them grow with publicly recently dependent them miners take is over. Bitmain take creating think I deal thing them U.S. mining rate to who a we traded capacity going machines like Cango, rate One did

appears be now, to I China the in China, given seeing bitcoin a been cities to revenues that the And use in as China. power to in think of essentially to have the now excess is green especially what economy. light for cities we're condition excess there's those way much the so due power what mine And generate to

starting I to think again. miners to you're Chinese And China see in be begin raise mining to capital quickly so able to wanting

believe by So that hash people around petahash X.X there the are to who some year. somewhere end global or of will exahash rate go X,XXX this

remains its don't current today, price at levels growth. it type where we'll of is I think that see If bitcoin

see actually we'll kind that on down scale. large growth you think slow I maybe potentially and of stop can

from no what our to is So continue us to attractive We to cost. opportunistic in still right to prudent going is grow is intention it for the for think the that marketplace don't an and compute, we're bitcoin manner. believe grow grow now, very price matter the a We for perspective. that miners

mining beginning silicon to ago, the And this a against successfully built mining best highly that's at our the very of curve designed very which world. own is we to we at some [ hardware optimized. But also years specific Auradine, have of X-nanometer, few amongst miners a the least some them, advantage that us and company that technology, the in peers allows we effectively able ability has our form compete to have our which performance create those to ] to liners build currently, unique our be factors own immersion own on to cofounded

manufacturers to And look mining on to going because a the at. you less less Chinese that there's depend and have also so we are risk

then, nationals call reverse are goods. entities. CFIUS recently which at The Chinese apply these or a, national difficult would in issues war to being if stomach, stopped miners recently up, trade quite this I what the some And case, China. that's seen some companies And begin is Chinese coming heats the miners Trump from to the administration to cost in more especially were They may where to beneficial and potential manufactured tariffs as moving announced looking quickly we've Chinese owners essentially is U.S. be of whose customs. the

one I of scale Auradine, your us made ] today bitcoin gives the chains important so [ ability have alternative mining supply why in investment glad supply to make the And flexibly. we're quite the so business this we really it's some to that's really And it think sure during sources. reasons our

being in the more being That a hit believe efficient opposed very we'll And and also We to grow think where and efficiency be grew power almost now we're it's we successfully biggest. starts a to prefer being of important rate a at efficient the much necessarily number. just biggest industry. to I capital be But growing the as to becoming most sites, said, still than continue I opportunistic. not capital question And more industry. to we're the that and in scale the very

our lower shift so less things CapEx, farms focus generation towards have have time. other not at starting to efficient of make can wind It's to sites because going much on older use more this only and our market we over spend and where capital to is costs energy get going technology, profitable like more lower get operating places operating competitive necessarily. use And like is costs, more

of up. price all of X on really bit efficient the need around I an think bitcoin to move and to users transaction to bitcoin. towards fees of focused energy cost the And close really efficient so operators. dependent we have optimist capital we of being otherwise near a hopium. are And going going be I'm we all And because and price up so that's getting

hope. But build think will can't continue it up. on based to business a you I go that

at on to capital the based now what operator. we're able be be being we the both most the efficient efficient perspective. now scale we do from build where an You have a to and beginning And to have business operating very

Brett Knoblauch

I think said. well No, that's very

or help this the miners? you costs, load, competitive help think to energy administrations that balance comes front, even energy more given are there's when front do lower to Do miners guess, benefit they you in done I cost future something to to -- the it there's can energy the plus industry that grid. that for could think maybe the geopolitical help be something to make ultimately the the administration On do

Frederick Thiel

additional One I think transmission U.S. the is have permitting see capacity what capacity. in and you're going X the is you challenges is of other to

you'll upgrades capacity commercial the meter and additional markets of behind the this public limitations do. utilities remove you in freely. country, can't miners and the see permitting and which the operators operate the to is you go if markets do grid what Then think coin and the allow to private markets, I commercial from the in AI

think you'll I to but -- what being I'm more administration and And that's friction how that increasing we do on doing in all remove think miners energy, the need efficient. not And I is more privatize successful. you saying it's to generation, making do consumption transmission bitcoin energy this make see focused

global at look make roughly you has if rate. U.S. rate rate, publicly-traded today, the its global hash of global within up arguably have miners XX% borders. hash XX% And hash We of about

energy because would what things The bitcoin see That's very to behind acquiring I regards industry business bitcoin. same take with think the mandate for government And off to an new remove generators AI But have government the incentive the if you operating the had not capacity decision. good more U.S. or from anything. is building in work much could the for is would a that's good from miners, them. capacity meter, energy the operators, if friction for thing

Brett Knoblauch

Perfect.

the questions. place I some for maybe you great that's back to it. think retail Rob, a of to leave

Robert Samuels

Thanks, we appreciate questions. the Brett. Yes, all really

turn our to investors. now retail some from Let's questions

store microstrategy what like Are and or first end and is continue U.S. the a to we what ] The mining bitcoin? goal in ensure potential Fred, strategy in was, mine sustain crypto implementing we value the changes to regulatory question for be sector and [ long-term growth? is And MARA us? to competition with increasing strategy abroad, the profitability got company going the or

Frederick Thiel

in digital If an We're of energy value. company. business turning we you into the are about think transformation energy MARA,

the what it the if call you the of holding digital we operators. way value spectrum look the of can the of maximizing maximizing in piece across every we doing And would, and energy. you and we're one process actual becoming we're more that all top asset by energy if the and stack, vertically of every becoming integrated from wallet So share is of more to the

zero-sum a game. Bitcoin mining is

But less dilution you're significant large operate. you use your those of be deployer And will And able have capital, capital always the and really, needs actually have a major shareholder time. with think lowest to wisely, be you needs and into crisis. to miners capital then operator, received. more business the mining types less cost operator, over value mature you can scale I efficient. And efficient the regardless cost to grow build of unless become If efficient bitcoin the that an business flows, you're the when of to can able you you most there's will cash always if operate

won't able the as there's consolidation small be of over think to a years of most efficiently. the just miners I operate be to going lot coming

in support that Where headed in really leveraging develop world of low-cost inference [ uses technologies the we're energy that for ] the and AI. acquiring in AI the process is to we're

cooling you the XPIC some using edge. for technology the world, small-scale were for one of the liquid to solutions the best see at And think of especially is edge. if in Our technology the our inference inference at I

it. realize You'd

deploying buildings small where can need don't no put that, where generate like make noise. these they things modular them massive now inside You you data you and very coolers easy centers and

together, a with are so I start data more more software solutions a becoming a And very and and and tightly we company. bitcoin business. level, more level. to integrated level well-balanced a we'll hardware becoming company. at provide And more seeing they'll mining of more both and center us you'll technology a services and And grow operators a technology believe And continue

Robert Samuels

Terrific.

or there the Our partnerships next that will in sponsorships near and we question, future? received any Salman, potential is be government Fred

Frederick Thiel

more government the -- you'll occurrence. of partnerships bitcoin international be will see in I mining think an is specifically, what

will it actual and be domestically, generators. the utilities power with think I

the and wants do across miners to I generation, programs especially start that the as really to developers. think remove relates what government and essentially friction super putting is and about AI power And we're bitcoin think, I do for try that. excited together they'll to country, it the

to initiatives same earlier, bitcoin the Now that U.S. starting U.S. do reserve measures strategic they XX have at for states Senate in thing in or a the initiative -- they're do as countries have going mentioned that. said to Other the I are on look the their to There's ballots.

at that looking and to That's holders will you and do over of so bitcoin partnerships separate totally do think most the with things. go start a next want be years I X probably. large governments area, into And area that's an explored then

Robert Samuels

Great. with to with administration? And we ties is last does question the made MARA administration working into to that their in have our directly Are and that Trump intention the one. stated What bitcoin America. ensure expect role

Frederick Thiel

regardless build what trying bitcoin do. in space in MARA large with focused within some such shape, U.S. And very driving miners to defend a just that we in block on block it's with form are administration power stamp pool a project We made We're strategic mining -- a of blockchain, of also every the blocks Auradine U.S.A. other the the working importance to We're but reserve think the bitcoin, out made all of the I that for really and Well, in strategic can nations having U.S. of United States, amount having bitcoin because the miners in obviously, believe predominant block space. not we're focused, manner. or makes support very U.S.A. U.S.A.

at federal the branch the best the So state with level to and both forth and industry executed. make we'll executive the what's the branch at the legislative at put gets for level, sure collaborate that government

Robert Samuels

for for all everyone, Well, Terrific. today. joining Thanks, us. that's the time we have

during to questions call, our Relations any Investor If that feel you answered have contact at today's not team free were ir@mara.com. please

turn operator. I'll it you, that, to with back And

Operator

Thank with now Have today's conference a we that, parties All you. call. you. disconnect. great And may day. conclude Thank

Marathon Digital (MARA) 26 Feb 252024 Q4 Earnings call transcript