Marathon Digital Holdings has announced quarterly results for its cryptocurrency mining business. May 10th.
Fried Thiel, Chairman and CEO of Marathon, said:
“After getting through a turbulent 2022…this year is off to a strong start as hashrate increased in Q1, mining costs decreased and our balance sheet improved.”
Marathon said sales in the first quarter of 2023 were $51.1 million, down from $51.7 million in the first quarter of 2022. The company posted a net loss of $7.2 million for the quarter, down from a net loss of $12.9 million in the same period last year.
The company produced 2,195 BTC in Q1, up 74% from Q1 2022 and up 41% from Q4 2022. The company’s hashrate increased 69% from 9.1 EH/s in Q4 2022 to 15.4 EH/s.
Marathon added that it made $17.6 million from the Bitcoin sale. In a previous report, the company said it would sell bitcoin to cover operational costs.
The company closed the quarter on March 31 with $124.9 million in unlimited cash and cash equivalents and 11,446 BTC worth $326.5 million.
Also this month, Marathon released monthly results and announced plans to launch a joint mining operation with Zero Two in Abu Dhabi.
With post-marathon revenue of $51 million, bitcoin production grew 74% year-over-year in Q1, first appearing on CryptoSlate.
