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Bitcoin (BTC) mining company Marathon Digital mined 825 BTC in March. This is a record high for the company, according to its monthly operating report.
825 BTC generated in March is up 21% from the previous month. As of the end of March, Marathon Digital holds unlimited BTC holdings totaling 11,466 BTC and $124.9 million monthly in unlimited cash and cash equivalents. report said.
Q1 2023
The report also highlights quarterly comparisons since March marked the end of the first quarter of the year. Marathon Digital says he produced 2,195 BTC throughout the first quarter, up 74% from the 1,259 BTC produced in the first quarter of 2022.
Similarly, the average BTC generated daily was also calculated at 24,4 BTC in the first three months of the year. This is 42% higher than the average of 14 BTC mined in the first quarter of 2022.
Marathon Digital also increased its operational hash rate capability by 64% during the first quarter, reflecting an increase from 7 EH/s on January 1 to 11.5 exahash per second (EH/s) on March 31. Expanded.
On a quarterly year-over-year (YoY) comparison, the company’s cash and cash equivalents increased slightly to $124.9 million from $118.5 million in the first quarter of 2022. However, his unlimited BTC holdings showed growth of over 22% to 11,466 BTC. From 9,374 BTC held in the first three months of 2022.
Other highlights
Fred Thiel, CEO of Marathon Digital, commented on the quarterly results, saying the company had previously invested in 23 EH/s by mid-2023 (a target set in April 2022). said it would continue to prioritize powering mining rigs it purchased in .
The report noted that 66% of the company’s hash rate is expected to be generated by S19 XP after all mining rigs are activated. The S19 XP is nearly 20% more energy efficient than previous generation mining rigs.
Thiel also noted that the company improved its financial position significantly in the first quarter. Thiel said the company has reduced its debt by $50 million. Marathon Digital also increased his unlimited BTC holdings by 3,132 BTC after he terminated a line of credit with his bankrupt Silvergate Bank.
Thiel concluded optimistically by stating:
“Given the operational and financial improvements we made in the first quarter, we are optimistic to achieve our key growth targets and establish Marathon as one of the largest and most energy efficient Bitcoin mining operations in the world.”
