Bitcoin (BTC) mining company Marathon Digital mined 825 BTC in March — marking the firm’s all-time high, according to the monthly operations report.
The 825 BTC produced in March marks a 21% increase from the prior month. As of the end of March, Marathon Digital holds a total of 11,466 BTC in Unrestricted BTC holdings and $124.9 million in unrestricted cash and cash equivalents, as the monthly report stated.
The first quarter of 2023
The report also focused on the quarterly comparisons since March marked the end of the year’s first quarter. Marathon Digital said it produced 2,195 BTC throughout the first quarter — marking a 74% increase from the 1,259 BTC produced during the first quarter of 2022.
Similarly, the average BTC produced daily was also calculated a 24,4 BTC for the first three months of the year — 42% higher than the average of 14 BTC mined during the first quarter of 2022.
Marathon Digital also expanded its operational hash rate capabilities by 64% during the first quarter, reflecting an increase to 11.5 exahashes per second (EH/s) on March 31 from the 7 EH/s on Jan. 1.
On a year-over-year (YoY) comparison of the quarters, the company’s cash and cash equivalents slightly increased to $124.9 million from $118.5 million in the first quarter of 2022. However, the unrestricted BTC holdings mark over 22% growth to 11,466 BTC from the 9,374 BTC held during the first three months of 2022.
Other highlights
Marathon Digital’s CEO, Fred Thiel, commented on the quarterly results, noting that the company will continue to prioritize energizing previously purchased mining rigs to reach its target of 23 EH/s by mid-2023 — a target set in April 2022.
The report noted that 66% of the company’s hash rate is expected to be generated by S19 XPs after all the mining rigs are activated. The S19 XPs are nearly 20% more energy efficient than the previous generation of mining rigs.
Thiel also mentioned that the company significantly improved its financial position during the first quarter. According to Thiel, the company reduced its debt by $50 million. Marathon Digital also increased its unrestricted BTC holdings by 3,132 BTC after terminating its credit facilities with the bankrupt Silvergate Bank.
Thiel finalized his words by optimistically stating:
“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.”
