Marathon Digital mined a record 2,195 BTC in Q1

The mining company Marathon Digital Holdings mined 2,195 BTC in January–March 2023, up 41% from the previous three months.

Here are $MARA’s Q1 2023 Financial & Operational Highlights

— Revenue = $51.1 M
— Adj. EBITDA = $18.6 M
— Unrestricted cash & cash equivalents = $124.9 M
— Bitcoin holdings = 11,466 BTC
— Increased energized hash rate 64% to 11.5 EH/s
— Increased #Bitcoin production 41% to 2,195…

— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) May 10, 2023

Bitcoin production was up 74% year over year.

The improvement in production metrics was driven by a 64.5% increase in hash rate to 11.5 EH/s and a reduction in equipment downtime.

The total number of bitcoins on the company’s balance sheet rose to 11,466 BTC (~$315.4 million). Free cash and cash equivalents were estimated at $124.9 million. Marathon’s revenue for January–March was $51.1 million, with adjusted EBITDA — $18.6 million.

“After resilience tests across the industry, last year, 2023 began on a strong note — we increased the hash rate, reduced costs and improved the balance,” — said Marathon CEO Fred Thiel.

Earlier in May, the top executive stated that the crypto winter had rid the market of dubious operators.

It was also disclosed that Marathon Digital received a subpoena from the SEC in connection with an investigation at one of the company’s facilities. The first regulator sent a subpoena to the firm in November 2021.