Marathon mines 1,258.6 BTC in Q1 2022

In the first quarter of 2022, the American mining company Marathon Digital Holdings mined 1,258.6 BTC. This is 556% higher than in the same period a year earlier.

$MARA‘s March 2022 #Bitcoin Production Update

— Record 1,259 #BTC in Q1 2022, ⬆️ 566% y-o-y & ⬆️ 15% from Q4 2021
— Total BTC holdings = 9,374 BTC #HODL
— Hash rate ⬆️ 14% from Q4 2021
— Miners expected to be energized in the coming weekshttps://t.co/6D7QS4ZhGM

— Marathon Digital Holdings (@MarathonDH) April 4, 2022

Under its strategy of accumulating mined cryptocurrency, the firm increased reserves to 9,373.6 BTC. This total includes 4,813 BTC acquired in January 2021 at an average price of $31,168.

The last time Marathon sold digital gold was in October 2020.

As of March 31, the company’s hash rate stood at roughly 3.9 EH/s, up 15% for the quarter. In its last month alone, Marathon added about 5,600 Antminer S19 ASIC miners from Bitmain, completing the deployment of 1,320 devices.

The total fleet of operating equipment stood at 36,830 miners.

Marathon confirmed plans by early 2023 to increase the hash rate to 23.3 EH/s, deploying around 199,000 ASIC devices. However, they acknowledged that implementation was about 45 days behind schedule.

CEO Fred Thiel said the challenges stem from pursuing the policy of a full transition to carbon-neutral mining by year-end, linked to the need to ensure a reliable power supply, which requires coordination among stakeholders and additional permits.

«Deploying behind the meter at renewable-energy facilities has many advantages for our business, the grid and local communities. But this innovative approach comes with unique challenges that we have had to overcome: notably, feeding electricity back to the power plant from the grid at scale», — he noted.

According to the press release, after receiving final approval in late March, the installation of miners at new Compute North facilities in western Texas is proceeding at an accelerated pace.

Marathon also said it would wind down operations at the Hardin data center in Montana, which is powered by a coal-fired plant, by the end of 2022.

We’re going green 🌱#Bitcoin #RenewableEnergy https://t.co/TredpHIfXN

— Marathon Digital Holdings (@MarathonDH) April 5, 2022

In August 2021, the United States emerged as the leader in Bitcoin hash-rate share, overtaking China’s mining ban.

According to Arcane Research, in 2022 American miners will further increase their share of the market.