Marathon Digital announces a record bitcoin production in the first quarter of 2023

Marathon Digital announces a record bitcoin production in the first quarter of 2023

One of the leading crypto mining companies-Marathon Digital-dismantled a record of 2,195 BTC in the first quarter of the year and increased its stocks to 11,466 Bitcoin (this corresponds to over $ 321 million at current prices).

The positive result at the beginning of the year is in contrast to the performance of 2022. The mining capacity of the company was paralyzed by a massive storm last summer, while the millions of compensation for the battered data center-Compute North-caused additional problems.

The "Remarkable Progress"

Fred Thiel-Chairman and CEO of the organization- q1 was the most successful with a record production of 2.195 btc. In comparison, Marathon broke 1,259 BTC in the first quarter of last year and 1,562 BTC in the last quarter of 2022.

This helped the company to increase its hash rate to 11.5 exahashes (an increase of 64 % compared to the 7.0 exahashes at the end of last year). The company's goal is to reach 23 Exahashes by mid -2023 by using its previously purchased mining equipment:

"In the first quarter 2023, we made remarkable progress in the implementation of our two main initiatives for the year, which are to supply our previously bought mining rigs with energy in order to achieve our goal of 23 Exahashes by the middle of this year, and we are more effective and more efficient." - added Thiel.

March was a solid month for marathon, in which almost 40 % of its total quarterly charge (825 BTC) was dismantled. In addition to operational progress, the company also improved its financial situation. It reduced its debts by $ 50 million and increased its unrestricted Bitcoin stock by 3,132 BTC after it had terminated its credit facilities at Silvergate Bank.

Marathon finished the first quarter with around $ 124.9 million of unrestricted means of payment and payment of payment and 11,466 Bitcoin. The current market value of the hiding place is almost $ 321 million.

Some turbulence in 2022

A heavy storm that last summer moved span-preserver-spaces = "true"> crippled 75 % of the entire mining of marathon Production levels leads.

"It will take some time to bring the miners completely online again, and we are determined to do everything in our power in our power to rebuild our hash rate and improve our Bitcoin production ... Apart from this event, the construction work and installations in Texas have continued as planned and in view of the current situation, our pipeline remains the pipeline as planned Potential new hosting agreements strong, ”said CEO Thield at the time.

Marathon restored the normal operating sequence in the following months beforehand have Another problem-the 80 million dollar engagement of compute north. While the latter installed and hosted over 68,000 BTC mining machines from Marathon in Texas, it could not switch on 40,000 of them due to regulatory problems.

To cope with the increased editions in 2022, the miner rejected his Hodl strategy and Data Preserver-Spaces = "True"> sold 1,500 BTC in January. The last time that it separated from some of his possessions was in October 2020.

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