Marathon Digital mines record 825 BTC in March

Bitcoin (BTC) mining institution Marathon Digital mined 825 BTC successful March — marking the firm’s all-time high, according to the monthly operations report.

The 825 BTC produced successful March marks a 21% summation from the anterior month. As of the extremity of March, Marathon Digital holds a full of 11,466 BTC successful Unrestricted BTC holdings and $124.9 cardinal successful unrestricted currency and currency equivalents, arsenic the monthly report stated.

The archetypal 4th of 2023

The study besides focused connected the quarterly comparisons since March marked the extremity of the year’s archetypal quarter. Marathon Digital said it produced 2,195 BTC passim the archetypal 4th — marking a 74% summation from the 1,259 BTC produced during the archetypal 4th of 2022.

Similarly, the mean BTC produced regular was besides calculated a 24,4 BTC for the archetypal 3 months of the twelvemonth — 42% higher than the mean of 14 BTC mined during the archetypal 4th of 2022.

Marathon Digital besides expanded its operational hash complaint capabilities by 64% during the archetypal quarter, reflecting an summation to 11.5 exahashes per 2nd (EH/s) connected March 31 from the 7 EH/s connected Jan. 1.

On a year-over-year (YoY) examination of the quarters, the company’s currency and currency equivalents somewhat accrued to $124.9 cardinal from $118.5 cardinal successful the archetypal 4th of 2022. However, the unrestricted BTC holdings people implicit 22% maturation to 11,466 BTC from the 9,374 BTC held during the archetypal 3 months of 2022.

Other highlights

Marathon Digital’s CEO, Fred Thiel, commented connected the quarterly results, noting that the institution volition proceed to prioritize energizing antecedently purchased mining rigs to scope its people of 23 EH/s by mid-2023 — a people set successful April 2022.

The study noted that 66% of the company’s hash complaint is expected to beryllium generated by S19 XPs aft each the mining rigs are activated. The S19 XPs are astir 20% much vigor businesslike than the erstwhile procreation of mining rigs.

Thiel besides mentioned that the institution importantly improved its fiscal presumption during the archetypal quarter. According to Thiel, the institution reduced its indebtedness by $50 million. Marathon Digital besides accrued its unrestricted BTC holdings by 3,132 BTC aft terminating its recognition facilities with the bankrupt Silvergate Bank.

Thiel finalized his words by optimistically stating:

“Given the operational and fiscal improvements we made during the archetypal quarter, we stay optimistic that we tin execute our superior maturation targets and found Marathon arsenic 1 of the largest and astir vigor businesslike Bitcoin mining operations globally.”

The station Marathon Digital mines grounds 825 BTC successful March appeared archetypal connected CryptoSlate.