In the first quarter of 2023, Marathon Digital mined 2,195 BTC, up 41% from the previous period. For the whole of 2022, the figure was 4144 BTC.
$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
— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) April 3, 2023
As of March 31, the firm held $125 million in cash and cash equivalents, as well as 11,466 BTC in cryptocurrency reserves.
In February, Marathon closed its loan relationship with Silvergate Bank, which resulted in the release of 3,132 BTC from collateral. However, in January, the company sold 1,500 BTC to cover part of the costs, and sold another 650 BTC for this purpose the following month.
At the end of the quarter, Marathon deployed hashrate was 11.4 EH/s. The indicator has increased since the beginning of the year by 64% from 7 EH / s, and in annual terms – by 195%.
During the first quarter, Marathon cumulatively connected about 25,900 new Bitmain Antminer S19 XP ASIC miners to the network in three data centers in North Dakota.
As of April 1, the fleet of operating units amounted to approximately 105,200 units.
With non-deployed hardware, computing power reached 15.4 EH/s. The company still expects to increase the hash rate to 23 EH/s by mid-2023.
Marathon (MARA) shares have risen from $3.56 to around $8.4 since the start of the year, up about 136.5%. The price of bitcoin for the first quarter added about 72%
At the end of 2022, Marathon reported a net loss of $686.7 million.