Marathon Digital Mines Record 2,195 BTC in Q1

In Q1 2023, Marathon Digital mined 2,195 BTC — up 41% from the prior period. For full-year 2022, the figure was 4,144 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 had $125 million in cash and equivalents, and crypto reserves of 11,466 BTC.

In February, Marathon closed credit arrangements with Silvergate Bank, which freed 3,132 BTC from collateral. However, in January the company sold 1,500 BTC to cover part of its costs, and in the following month sold another 650 BTC for this purpose.

By quarter-end, Marathon’s deployed hardware had a hashrate of 11.4 EH/s. The figure was up 64% since the start of the year, from 7 EH/s, and up 195% year over year.

During Q1, Marathon connected roughly 25,900 new Antminer S19 XP ASIC miners from Bitmain to the network across three data centers in North Dakota.

The operating fleet as of April 1 totaled about 105,200 units.

With undeployed equipment, total hashrate reached 15.4 EH/s. The company still aims to raise the hashrate to 23 EH/s by mid-2023.

Marathon’s stock (MARA) has risen year-to-date from $3.56 to around $8.40 — roughly 136.5%. Bitcoin’s price in the first quarter rose about 72%, according to ForkLog’s analytical report.

Marathon reported a net loss of $686.7 million in 2022.