Marathon Digital Produced 825 BTC In March, An Increase Of 21% Monthly

Key Points:

• Marathon Digital Holdings has released unaudited March 2023 Bitcoin production and miner installation updates.
• The corporation raised Bitcoin production monthly by 21%, producing a record 825 BTC in March 2023 and a record 2,195 BTC in Q1 2023.
• It also boosted the Hash Rate by 64% in the first quarter of 2023, reaching 11.5 EH/s on March 31, 2023.

Bitcoin mining company Marathon Digital released an operational update for March.

The company produced 825 Bitcoins in March, an increase of 21% month-on-month; in Q1 of 2023, a total of 2,195 BTCs were produced. In 2023, the computing power of Q1 will increase by 64%, reaching 11.5 EH/s. Increases unrestricted Bitcoin holdings to 11,466 Bitcoins (approximately $326.5 million) as of March 31, 2023.

Fred Thiel, Marathon’s chairman and CEO, stated:

“Given the operational and financial improvements we made during the first quarter, we remain optimistic that we can achieve our primary growth targets and establish Marathon as one of the largest and most energy efficient Bitcoin mining operations globally.”

In addition, as of March 31, the Marathon operating hash rate has increased to 11.5 EH/s, a 64% increase from 7.0 EH/s on January 1. Marathon repaid the term loan and terminated its credit arrangement with Silvergate Bank in March. These actions reduced Marathon’s debt by $50 million and increased the company’s unlimited Bitcoin holdings by 3,132 BTC.

After all of Marathon’s previously bought miners are installed, S19 XPs, which are roughly 30% more energy efficient than the previous generation of mining rigs, are estimated to produce around 66% of the Company’s hash rate. The company still plans to add around 23 EH/s of capacity by the middle of 2023.

Marathon canceled an earnings conference and delayed the release of results last month to correct accounting issues related to digital asset impairment. The company released its fourth-quarter and fiscal-year 2022 financial and operational results last month. Revenue during the fourth quarter of 2022 decreased 58.4% year on year to $28.4 million.

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