Marathon mined $20M Bitcoin in April and increased hash rates, BTC holdings
Marathon Digital Holdings, a cryptocurrency mining company May 2 reported growth in some areas during its April monthly review.
Marathon generated 702 BTC (currently worth $20 million). Measured in Bitcoin, this amount is up 134% year-on-year, but down from March when Marathon mined a record 825 BTC.
Added more hashrates
The company added that it has begun powering 10,600 bitcoin mining devices for the first time at Applied Digital’s location in North Dakota. With this addition, the company’s total number of mining devices has increased to 122,900 devices.
Marathon also said it increased its operational hashrate by 22% to 14 exahash per second (EH/s) and its installed hashrate in April by 16% to 17.9 EH/s. . The company says he aims to achieve 23 EH/s by mid-2023.
Marathon has since revealed its financials, reporting an unlimited bitcoin holding of 11,568 BTC ($319.2 million). This represents an increase in holdings despite the fact that the company sold his 600 BTC in April and plans to sell more in the future.
The company reported $123.5 million in unlimited cash and cash equivalents.
Bitcoin hashrate is on the rise
The news of Marathon’s expansion comes alongside recent reports that Bitcoin’s hashrate is rising rapidly.
However, some events could slow the growth of the industry, at least in the United States. The Biden administration aims to charge Minor with 30% of her tax.
Post Marathon mined $20 million in Bitcoin in April and increased its hash rate.
