Marathon Digital Celebrates Record-Breaking Month with 825 BTC Mined in March
Marathon Digital, a leading Bitcoin mining company, reported a record-breaking 825 BTC mined in March, according to their latest monthly operations report. This figure represents a 21% increase from the previous month, bringing the company’s unrestricted BTC holdings to a total of 11,466 BTC and unrestricted cash to $124.9 million.
In the first quarter of 2023, Marathon Digital produced 2,195 BTC, a staggering 74% increase compared to the 1,259 BTC produced in the same period of 2022. The average daily BTC production for the first three months of 2023 was 24.4 BTC, 42% higher than the average of 14 BTC mined during the first quarter of 2022.
The company also expanded its operational hash rate capabilities by 64% during the first quarter, growing from 7 EH/s on January 1 to 11.5 EH/s on March 31. Comparing year-over-year quarterly data, Marathon Digital’s cash and cash equivalents increased slightly to $124.9 million from $118.5 million, while unrestricted BTC holdings surged by over 22% to 11,466 BTC from 9,374 BTC.
Marathon Digital’s CEO, Fred Thiel, highlighted the company’s plans to continue energizing previously purchased mining rigs in order to achieve their target of 23 EH/s by mid-2023, a goal set in April 2022. Thiel also noted that 66% of the company’s hash rate is expected to be generated by the more energy-efficient S19 XP mining rigs once they are all activated.
In addition to the impressive mining performance, Thiel emphasized the company’s improved financial position in the first quarter, as it reduced its debt by $50 million and increased its unrestricted BTC holdings by 3,132 BTC following the termination of credit facilities with the bankrupt Silvergate Bank.
Thiel concluded with optimism, stating, “Given the operational and financial improvements we made during the first quarter, we remain optimistic that we can achieve our primary growth targets and establish Marathon as one of the largest and most energy-efficient Bitcoin mining operations globally.”