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Marathon Digital mined a record 2195 BTC in Q1 2023, details inside

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Marathon Digital mined a record 2195 BTC in Q1 2023, details inside

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  • Marathon Digital Holdings mined a record 2195 BTC in the first quarter of 2023.
  • The Bitcoin mining giant ended the quarter with 11,466 BTC worth a whopping $322.5 million.

Marathon Digital Holdings Inc. has posted impressive numbers for the first quarter of 2023. The U.S.-based Bitcoin mining giant recently posted its unaudited Bitcoin production and miner installation updates for March 2023, wherein it revealed that the firm’s mining output had increased 41% compared to the prior quarter. 

Marathon holds 11,466 BTC worth over $326 million

According to the Bitcoin production report from Marathon Digital, a total of 825 BTC was mined in March 2023, marking a month-over-month increase of 21%.

As for the first quarter of the year, the Bitcoin miner mined a record 2195 BTC. Other areas of improvement included the hash rate, which went up by 64% in the first quarter, reaching 11.5 EH/s as of 31 March 2023.

The company’s Chairman and CEO Fred Thiel said in a statement,

“During the first quarter of 2023, we made notable progress executing on our two primary initiatives for the year, which are to energize our previously purchased mining rigs to reach our target of 23 exahashes by the middle of this year and to optimize our performance so that we are both more effective and more efficient.” 

The Bitcoin mining giant managed to improve its financial position during the first three months of 2023, bringing down its debt by $50 million and increasing its unrestricted Bitcoin holdings by 3,132 BTC.

As of 31 March 2023, the company had approximately $124.9 million in unrestricted cash and cash equivalents, as well as 11,466 BTC with a market value of $326.5 million. 

The record metrics posted by Marathon Digital seemed to have little effect on the company’s share price. The stock briefly went up by 3% before falling as much as 2.6% the following day. The stock, at press time, was trading at $8.51, up 0.95% over the past 24 hours. 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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