MARA HOLDINGS, INC.
Climate Impact & Sustainability Data (2023, 2024-07-01 to 2024-09-30)
Reporting Period: 2023
Environmental Metrics
Total Carbon Emissions:Not disclosed
Scope 1 Emissions:Not disclosed
Scope 2 Emissions:Not disclosed
Scope 3 Emissions:Not disclosed
Renewable Energy Share:55%
Total Energy Consumption:Not disclosed
Water Consumption:Not disclosed
Waste Generated:Not disclosed
Carbon Intensity:Not disclosed
ESG Focus Areas
- Carbon Neutrality
- Renewable Energy
Environmental Achievements
- Increased use of renewable energy sources to 55% of the fleet’s power usage by December 31, 2023.
Social Achievements
- Increased headcount from 30 employees as of December 31, 2022 to approximately 60 employees as of December 31, 2023.
- Adopted an equity incentive plan to align employee interests with long-term company success.
Governance Achievements
- Not disclosed
Climate Goals & Targets
Long-term Goals:
- Not disclosed
Medium-term Goals:
- Reach 50 exahashes per second in operational hash rate by December 31, 2025.
Short-term Goals:
- Increase operational hash rate to approximately 35 to 37 exahashes per second in 2024.
Environmental Challenges
- High volatility in the price of Bitcoin impacting profitability and growth plans.
- Need to grow hash rate to remain competitive.
- Significant disruptions in crypto asset markets causing material impairment of asset value.
- Geopolitical or economic crises impacting digital asset values.
- Bitcoin halving events reducing mining rewards.
- Security threats to digital assets.
- Reliance on third-party hosting.
- Material weaknesses in internal control over financial reporting.
- Unresolved Staff comments from the SEC.
- Increased scrutiny and changing expectations regarding ESG practices and climate change.
- Risks associated with international expansion and political instability.
Mitigation Strategies
- Shifted strategy from asset-light to diversified portfolio approach.
- Secured contracts with price protection clauses for efficient ASICs.
- Acquired two operational bitcoin mining sites (390 megawatts).
- Strengthened liquidity position (nearly $1 billion in cash and bitcoin reserves).
- Developed new immersion-cooling systems, hardware, and software solutions.
- Exploring novel sources of underutilized energy.
- Implementing measures to remediate material weaknesses in internal controls.
- Cooperating with the SEC to address unresolved Staff comments.
- Diversified cash holdings across multiple FDIC-insured institutions.
- Purchasing short-term U.S. treasury bills for risk mitigation.
- Implementing a policy of selling bitcoin periodically to generate cash for operations.
Supply Chain Management
Supplier Audits: Not disclosed
Responsible Procurement
- Not disclosed
Climate-Related Risks & Opportunities
Physical Risks
- Extreme weather events
Transition Risks
- Regulatory changes
- Market shifts
Opportunities
- Development of energy-efficient products
Reporting Standards
Frameworks Used: Null
Certifications: Null
Third-party Assurance: Not disclosed
UN Sustainable Development Goals
- Not disclosed
Not disclosed
Sustainable Products & Innovation
- Immersion-cooling systems
- Hardware and software solutions
Awards & Recognition
- Not disclosed
Reporting Period: 2024-07-01 to 2024-09-30
Environmental Metrics
ESG Focus Areas
- Climate Change
- Energy Efficiency
- Sustainable Growth
- Social Responsibility
- Governance
Environmental Achievements
- Launched a 25 MW micro data center operation using excess flared gas, reducing methane emissions.
- Developed two-phase immersion cooling (2PIC) technology, reducing water usage and improving energy efficiency.
- Became the first publicly traded digital asset mining company to submit a climate-related disclosure report to the Climate Disclosure Project (CDP).
Social Achievements
- Welcomed two new board members with expertise in AI, data centers, and energy.
- Actively engaged with communities where they operate, focusing on social responsibility.
- Advocated for pro-crypto candidates, contributing to the election of 253 pro-crypto candidates to the House of Representatives and 16 to the Senate.
Governance Achievements
- Improved BTC per share yield by 29%.
Climate Goals & Targets
Medium-term Goals:
- Have 50% of business come from outside the United States by 2028.
Short-term Goals:
- Fully energize 372 MW of capacity in Ohio by the end of 2025.
- Reach 50 EH/s hash rate by mid- to late December 2024.
Environmental Challenges
- Increased global hash rate and resultant network difficulty impacting BTC production.
- Operational challenges at third-party sites (remediated early in Q3).
Mitigation Strategies
- Site upgrades and renovations.
- Expanded hash rate capacity.
- Focus on maximizing efficiency across mining sites.
- Shifting to owned and operated sites to reduce operating costs.
Supply Chain Management
Climate-Related Risks & Opportunities
Opportunities
- Development of energy-efficient products and services.
Reporting Standards
Frameworks Used: CDP
Sustainable Products & Innovation
- 2PIC immersion cooling technology
Awards & Recognition
- Finalist for World Energy Council's Energy Technology of the Year