The company announced that it would continue to add more Bitcoin miners this year.
Marathon Digital Holdings Inc (NASDAQ: MARA), a leading Bitcoin mining company with around 9.5 exahashes, announced its February unaudited production and miner installation updates on March 2. Marathon Digital, valued at $760 million, produced 683 Bitcoins in February 2023 and approximately 1,370 BTC quarter to date. During the second month of 2023, the company activated around 18,800 Bitcoin miners, thereby increasing its total hash rate by 30%.
The Las Vegas, NV-based company increased unrestricted cash and Bitcoin holdings to $219.7 million and 8,260 BTC, respectively. Following the announcement, shares of Marathon Digital have gained approximately 1.12 percent in the after-hours trading session to trade around $6.33.
According to Fred Thiel, president and CEO of Marathon Digital, the company powered more than 8,000 S19 XP units during the second month of the year. As a result, Marathon Digital increased the average Bitcoin production per day by 10 percent in February.
However, the company chose to sell almost all of the Bitcoin produced in February after the cryptocurrency relief rally in January. Additionally, on-chain data provided by Glassnode indicates that short-term Bitcoin holders and miners dumped their exchanges in the past two months after the year-long bear market.
“We opted to sell 650 bitcoins this month to offset operating expenses and for general corporate purposes. Even with these sales, we increased our unrestricted bitcoin holdings from 8,090 bitcoins as of January 31, 2023 to 8,260 bitcoins, valued at $191.2 million as of February 28, 2023. In addition, we increased our unrestricted available cash to 219 7 million dollars”. Thiel noted.
A Closer Look at Marathon Digital and the Cryptocurrency Market Outlook
With increased regulatory scrutiny of cryptocurrencies by US financial agencies, including the SEC and CFTC, the cryptocurrency industry is not expected to recover until clear regulations are put in place. However, Marathon Digital remains bullish in the long term despite the short-term headwinds.
The company announced that it would continue to add more Bitcoin miners this year to reach more than 20 exhashes.
“To continue advancing our operations and improve efficiency, our main focus this year is to energize more miners and optimize the performance of our fleet. We remain confident in our ability to build Marathon into one of the largest and most energy efficient Bitcoin mining operations globally by installing approximately 23 exhashes of computing power by mid-2023,” Thiel added.
Installation of the Marathon miners at Applied Digital’s facility in Garden City, TX was fully completed late last month. Additionally, approximately 4,100 Marathon S19 XPs were installed at Applied Digital’s Ellendale, ND facility during the month.
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