Bitcoin (BTC) mining company Marathon Digital has reported a quarterly record 2,195 BTC mined during Q1 2023, for a current value of about $62 million.
Marathon explained in an April 3 update that the 2,195 BTC mined is an increase of 74% over Q1 last year and 41% over Q4 2022.
The report comes after the miner increased its operational hash rate by 195% as of Q1 2022.
Marathon also recorded a monthly record 825 BTC mined in March – currently valued at around $23.3 million – and marked a 21% increase in production over February.
$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
In a statement, CEO Fred Thiel said that Marathon had made “remarkable progress” in executing on its two major initiatives by 2023: activar its previously purchased mining rigs to reach 23 exahashes by the end of Q2 and optimize performance.
The company is now exactly on target, having increased its operating hash rate from 7.0 exahashes on January 1 to 11.5 exahashes on March 31.
The Marathon board attributed increasing efficiencies to activate 25,900 Bitcoin miners based at various North Dakota facilities, bringing its fleet to 105,200 mining rigs as of April 1.
Marathon explained that its operational improvements cleaned up part of its balance sheet by eliminating USD 50,000 million of debt, in addition to repay your loan to the now bankrupt Silvergate Bank:
“We reduced our debt by $50 million and increased our unrestricted Bitcoin holdings by 3,132 Bitcoin after prepaying our term loan and terminating our credit lines with Silvergate Bank.”
The company ended the quarter with approximately $124.9 million in cash and unrestricted cash equivalents, and 11,466 BTC, which equates to more than $450 million.
Marathon noted that the figures have not been audited.
Marathon expects operational efficiencies to continue after acquiring a new batch of Antminer S19 XPs Bitcoin mining rigs that are claimed to be nearly 30% more efficient than the Antminer S19 Pro.
Once these miners are installed, roughly 66% of Marathon’s hashrate will come from S19 XP, he said.
However the design of the S19 XP has been criticized by the Bitcoin mining company; Compass Mining.
In a March report, the company identified “three flaws” of the new S19s that can cause the equipment to overheat or, in some cases, shut down completely.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.