Marathon Digital posts quarterly record of 2,195 Bitcoin mined in Q1
Bitcoin (BTC) mining firm Marathon Digital reported a quarterly record of 2,195 BTC mined over the first quarter of 2023, currently worth around $62 million.
Marathon explained in an April 3 update that the 2,195 mined BTC is a 74% increase from the first quarter of last year and a 41% increase from Q4 2022.
It comes on the back of the miner increasing its operational hash rate by 195% from Q1 2022.
Marathon also recorded a monthly record of 825 BTC mined in March — currently valued at around $23.3 million — and marked a 21% production increase from February.
$MARA's March Production Update is here:- Increased #Bitcoin Production 21% MoM- Produced a Record 825 BTC in March ’23- Produced a Record 2,195 BTC in Q1 ’23- Increased Hash Rate 64% in Q1 ’23 (11.5 EH/s)- Reported Unrestricted Cash and Cash Equiv. of $124.9M- Increased… pic.twitter.com/Jc1ACI2kY2
In a statement, chief executive Fred Thiel said Marathon made “notable progress” on executing its two primary initiatives for 2023 — to energize its previously purchased mining rigs to reach 23 exahashes by the end of the second quarter and to optimize performance.
The firm is now exactly on target, having increased its operational hash rate from 7.0 exahashes on Jan. 1 to 11.5 exahashes as of March 31.
Marathon’s management attributed the increase in efficiency to it bringing online 25,900 Bitcoin miners based in various facilities in North Dakota, bringing its fleet to 105,200 mining rigs as of April 1.
Marathon explained its operational improvements cleaned up part of its balance sheet by wiping out $50 billion in debt in addition to repaying its loan back to the now-failed Silvergate Bank:
The firm finished the quarter with approximately $124.9 million in unrestricted cash and
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