Bitcoin Miner Marathon Ends Up 2022 With $103.7 Million Unrestricted Cash
Key Points:
- Marathon Digital reported that after paying off all of its revolver borrowings last month, the company increased Unrestricted Cash to $103.7 Million and Unrestricted Bitcoin Holdings to 7,815 BTC as of December 31.
- Marathon has increased its arrangement with hosting provider Applied Digital to add 12,000 computers that will go live next month, subject to regulatory permission.
Marathon Digital, a bitcoin miner, reported that it paid off its revolver borrowings last month, releasing the bitcoin it had been using as collateral and increasing its unconstrained holdings from 4,200 to 7,815 BTC.
The firm ended a challenging year for the mining sector with $103.7 million in unrestricted cash. 12,232 BTC in total were held in bitcoin.
We also took proactive measures to strengthen our liquidity position and enhance the performance of our mining fleet. Given the macroeconomic uncertainty heading into 2023, we decided to fully pay down outstanding balances under our revolving credit agreement.
Marathon CEO Fred Thiel said in a statement Thursday
After months of operating at low margins, mining businesses encountered a liquidity crisis, and many in the industry have worked to lower their borrowing. This week, Core Scientific filed for Chapter 11 bankruptcy with a plan to convert the majority of its debt into stock, while Stronghold has reached an agreement with noteholders to convert $17.9 million in convertible debt into $23.1 million in convertible preferred shares.
Marathon ended the year with a hash rate of 7 EH/s, but it still anticipates that it will increase to 23 EH/s by the middle of 2023.
On November 2022, Stronghold Digital Mining reported a net loss in the third quarter higher than in the same period previous year. In particular, the company claimed that the increase in revenues by 311% was primarily driven by an increase of $10.2 million in cryptocurrency mining revenue from the deployment of additional miners and an increase of $9.1 million in energy revenue due to higher prevailing power prices per MW and higher MW generation as a result of the November 2021 Panther Creek Plant acquisition.
Marathon increased its contract with hosting company Applied Digital in December to include 12,000 machines that are expected to be online the following month, subject to regulatory clearance to activate.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Thana
CoinCu News
Author
Key Points:
- Marathon Digital reported that after paying off all of its revolver borrowings last month, the company increased Unrestricted Cash to $103.7 Million and Unrestricted Bitcoin Holdings to 7,815 BTC as of December 31.
- Marathon has increased its arrangement with hosting provider Applied Digital to add 12,000 computers that will go live next month, subject to regulatory permission.
Marathon Digital, a bitcoin miner, reported that it paid off its revolver borrowings last month, releasing the bitcoin it had been using as collateral and increasing its unconstrained holdings from 4,200 to 7,815 BTC.
The firm ended a challenging year for the mining sector with $103.7 million in unrestricted cash. 12,232 BTC in total were held in bitcoin.
We also took proactive measures to strengthen our liquidity position and enhance the performance of our mining fleet. Given the macroeconomic uncertainty heading into 2023, we decided to fully pay down outstanding balances under our revolving credit agreement.
Marathon CEO Fred Thiel said in a statement Thursday
After months of operating at low margins, mining businesses encountered a liquidity crisis, and many in the industry have worked to lower their borrowing. This week, Core Scientific filed for Chapter 11 bankruptcy with a plan to convert the majority of its debt into stock, while Stronghold has reached an agreement with noteholders to convert $17.9 million in convertible debt into $23.1 million in convertible preferred shares.
Marathon ended the year with a hash rate of 7 EH/s, but it still anticipates that it will increase to 23 EH/s by the middle of 2023.
On November 2022, Stronghold Digital Mining reported a net loss in the third quarter higher than in the same period previous year. In particular, the company claimed that the increase in revenues by 311% was primarily driven by an increase of $10.2 million in cryptocurrency mining revenue from the deployment of additional miners and an increase of $9.1 million in energy revenue due to higher prevailing power prices per MW and higher MW generation as a result of the November 2021 Panther Creek Plant acquisition.
Marathon increased its contract with hosting company Applied Digital in December to include 12,000 machines that are expected to be online the following month, subject to regulatory clearance to activate.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Thana
CoinCu News
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