Marathon Digital sold 650 BTC in February

Marathon Digital sold 650 BTC in February to cover part of its costs.

$MARA‘s February Production Update is here:

— Energized 18,800 Additional #Bitcoin Miners
— Increased Hash Rate 30% to 9.5 EH/s
— Prod. 683 BTC and 1,370 BTC QTD

— Unrestricted Cash to $219.7M
— Unrestricted BTC to 8,260 #BTC

Read the full report: https://t.co/derIxm73bP

— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) March 2, 2023

“Even after these sales, we increased our unrestricted reserves from 8,090 BTC as of January 31, 2023 to 8,260 BTC valued at $191.2 million as of February 28, 2023,” the company said.

In total the company holds 11,392 BTC. In February Marathon mined 683 BTC. The hashrate rose by almost 30% to 9.5 EH/s.

According to the report, last month the firm successfully deployed nearly 19,000 mining rigs, more than 8,000 of which are Bitmain S19 XP models. It is expected that in the future this device type will generate about 66% of the company’s hashrate.

“[…] The main objective this year is to activate more miners and optimise the performance of our fleet. We remain confident in our ability to turn Marathon into one of the largest and most energy-efficient Bitcoin mining operators in the world, reaching a computing power of 23 EH/s closer to mid-2023,” added CEO Fred Thiel.

By close of trading on March 2, the company’s shares were down 3.8%, at $6.26. In premarket trading they fell 4.15%, reflecting the negative reaction to the earnings release.

Earlier, FactSet analysts forecast a tripling of Marathon Digital’s revenue. According to estimates, by the end of Q4 2022 its revenue would reach $38.4 million.

Earlier, Riot reported revenue of $259 million for 2022.