New Bitcoin Layer-Two Network Designed To Expand Bitcoin’s Functionality, Spark Innovation, and Encourage Adoption
Fort Lauderdale, FL, Feb. 28, 2024 (GLOBE NEWSWIRE) -- Marathon Digital Holdings, Inc. (NASDAQ:MARA) ("Marathon" or "Company"), a leader in supporting and securing the Bitcoin ecosystem, today revealed Anduro, a new multi-chain layer-two network on Bitcoin aimed at accelerating Bitcoin development and adoption.
While Bitcoin’s decentralization, security, and popularity can be appealing for blockchain developers, the network’s current functionality can pose challenges for developers who are looking to scale their blockchain applications. To encourage Bitcoin development and adoption, Marathon has been incubating Anduro, a new programmable layer-two network on Bitcoin. Anduro aims to serve as an application layer while strengthening the underlying incentives behind Bitcoin’s Proof-of-Work.
Anduro is a platform built on the Bitcoin network that allows for the creation of multiple sidechains, providing a new avenue for innovation within the Bitcoin ecosystem. While Marathon has helped incubate Anduro, the network is intended to be community-led and community-driven. The network is designed to systematically integrate decentralized governance, with a focus on becoming the most reliable, developer-centric Bitcoin layer-two.
Marathon is already developing the first two sidechains on Anduro, Coordinate and Alys, which can be further developed by open-source contributors. These chains demonstrate Anduro’s flexible programmability. Coordinate offers a cost-effective UTXO stack for the Ordinals community, whereas Alys is an Ethereum-compatible chain for institutional asset tokenization.
Anduro’s sidechains utilize a process called merge-mining. Participating miners, like Marathon, may be able to earn Bitcoin-denominated revenue from transactions that occur on Anduro’s sidechains while continuing to mine bitcoin on the base-layer uninterruptedly.
“As the largest publicly traded Bitcoin miner working to process Bitcoin transactions and secure the network, Marathon has a vested interest in supporting innovation on the Bitcoin ecosystem, which includes incubating projects like Anduro," said Fred Thiel, Marathon’s Chairman and CEO. "For one, it adds to Marathon's growing technology stack by potentially introducing a new source of fee revenue. Beyond that, by extending the functionality of Bitcoin, Anduro may be able to increase Bitcoin’s adoption, and if Bitcoin flourishes, so do we.
“We believe in testing, iterating, and letting the market decide what ideas succeed. We believe Anduro is one of those ideas that provides value to Bitcoin holders and application developers, all while reinforcing the long-run sustainability of Bitcoin’s Proof-of-Work.”
To read the litepaper and learn more about current and future sidechain contributions, visit anduro.io.
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 "Risk Factors" in Item 1A of our most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on March 16, 2023. 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. Future changes in the network-wide mining difficulty rate or Bitcoin hash rate may also materially affect the future performance of Marathon's production of bitcoin. Additionally, all discussions of financial metrics assume mining difficulty rates as of February 2024. See "Forward-Looking Statements" below.
Forward-Looking Statements
Statements made in this press release include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by the use of words such as “may,” “will,” “plan,” “should,” “expect,” “anticipate,” “estimate,” “continue,” or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading “Risk Factors” in the Company's Annual Reports on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.
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, or follow us on:
Twitter: @MarathonDH
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Marathon Digital Holdings Company Contact:
Telephone: 800-804-1690
Email: ir@mara.com
Marathon Digital Holdings Media Contact:
Email: marathon@wachsman.com
