Marathon Digital posts quarterly record of 2,195 Bitcoin mined in Q1

Bitcoin (BTC) mining steadfast Marathon Digital reported a quarterly grounds of 2,195 BTC mined implicit the archetypal 4th of 2023, presently worthy astir $62 million.

Marathon explained successful an April 3 update that the 2,195 mined BTC is simply a 74% summation from the archetypal 4th of past twelvemonth and a 41% summation from Q4 2022.

It comes connected the backmost of the miner expanding its operational hash complaint by 195% from Q1 2022.

Marathon besides recorded a monthly grounds of 825 BTC mined successful March — presently valued astatine astir $23.3 cardinal — and marked a 21% accumulation summation from February.

$MARA's March Production Update is here:
- Increased #Bitcoin Production 21% MoM
- Produced a Record 825 BTC successful March ’23
- Produced a Record 2,195 BTC successful Q1 ’23
- Increased Hash Rate 64% successful Q1 ’23 (11.5 EH/s)
- Reported Unrestricted Cash and Cash Equiv. of $124.9M
- Increased… pic.twitter.com/Jc1ACI2kY2

— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) April 3, 2023

In a statement, main enforcement Fred Thiel said Marathon made “notable progress” connected executing its 2 superior initiatives for 2023 — to energize its antecedently purchased mining rigs to scope 23 exahashes by the extremity of the 2nd 4th and to optimize performance.

The steadfast is present precisely connected target, having accrued its operational hash complaint from 7.0 exahashes connected Jan. 1 to 11.5 exahashes arsenic of March 31.

Marathon’s absorption attributed the summation successful ratio to it bringing online 25,900 Bitcoin miners based successful assorted facilities successful North Dakota, bringing its fleet to 105,200 mining rigs arsenic of April 1.

Marathon explained its operational improvements cleaned up portion of its equilibrium expanse by wiping retired $50 cardinal successful indebtedness successful summation to repaying its loan backmost to the now-failed Silvergate Bank:

“We reduced our indebtedness by $50 cardinal and accrued our unrestricted Bitcoin holdings by 3,132 Bitcoin aft we prepaid our word indebtedness and terminated our recognition facilities with Silvergate Bank.”

The steadfast finished the 4th with astir $124.9 cardinal successful unrestricted currency and currency equivalents, and 11,466 BTC, which equates to implicit $450 million.

Marathon noted the figures person not been audited.

Marathon’s figures amusement a stronger archetypal 4th aft pugnacious marketplace conditions successful 2022. Source: Marathon Digital

Related: Bitcoin ASIC miner prices hovering astatine lows not seen successful years

Marathon expects operational efficiencies to proceed having purchased a caller batch of Antminer S19 XPs Bitcoin mining rigs that are said to beryllium astir 30% much businesslike than the Antminer S19 Pro.

Once those miners are installed astir 66% of Marathon’s hashrate volition travel from the S19 XPs, it said.

The design of S19 XPs has, however, been criticized by chap Bitcoin mining steadfast Compass Mining.

In a March study the steadfast identified “three flaws” of the caller S19s which whitethorn effect successful the mining rig overheating, oregon successful immoderate cases, shutting down completely.

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