Marathon Digital Holdings has reported a record increase in its bitcoin (BTC) production, hash rate, and financial position for the month of March and the first quarter of 2023.
according to a Press releaseMarathon produced 825 BTC in March 2023, a 21% increase over the previous month and a 74% increase over last year.
The mining company also produced 2,195 bitcoins in the first quarter of 2023, an increase of 41% over the previous quarter. fourth trimester The company’s average daily bitcoin production was 24.4 in March 2023, compared with 17 in December 2022 and 14 in March 2022.
Marathon also increased its operational hash rate, the computing power used to mine bitcoin, by 64% in the first quarter of 2023. As of March 31, 2023, the digital mining equipment had an operational hash rate of 11.5 exahashes per second (EH/s), equivalent to about 0.7% of the total hash rate of the Bitcoin network.
Marathon’s improved operational hash rate was a result of the reactivation of 13,000 bitcoin mining rigs previously installed at Applied Digital’s North Dakota plant.
The company added another 9,400 S19 XP miners at its Ellendale facility and around 3,500 at its Jamestown operation for an additional 3.35 EH/s.
Improves Marathon’s financial position
In addition to its operational progress, Marathon also improved its financial position by reducing its debt and increasing its bitcoin holdings. The company said it had prepaid its term loan and terminated its credit lines with Silvergate Bank, reducing its debt by about $50 million.
Marathon had previously disclosed that it had access to $142 million held by Signature Bank prior to the bank’s closure. He also confirmed that he had no direct business ties to failed tech lender Silicon Valley Bank.
The press release also stated that the company had increased its available bitcoin holdings by 3,132 BTC to 11,466 BTC as of March 31, 2023. The market value of these bitcoins was approximately $326.5 million at the time. It also had $124.9 million in cash and unrestricted cash equivalents.
Fred Thiel, Marathon’s president and chief executive officer, expressed optimism about the company’s growth and performance.
He said the company made significant progress in executing its two main goals for the year: powering up its previously purchased mining rigs to reach its 23 EH/s target by mid-year and optimizing its operations to be more effective and efficient.
