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Bitcoin (BTC) miner Marathon Digital (NASDAQ: MARA) recently released its quarterly report for Bitcoin (BTC) mining and production operations. The report consisting of the data till March 2023 highlighted the significant BTC production by the Bitcoin miner in the first quarter of this year. The jump in production reportedly came in the wake of remarkably increased Bitcoin mining capacity or the hash rate.
According to Marathon, it produced 2,195 Bitcoin (BTC) during Q1, 2023, setting up a quarterly record. This production stalls about 74% ahead year-over-year (YoY). Also, it is about 41% production from the overall BTC mined during the last quarter, Q4 2022. According to Bitcoin’s current value, the freshly mined BTC stash was about 28,524 USD, which turned out to be more than 62.6 million USD.
Another impressive key factor was the Bitcoin miner’s monthly production in March 2023. Last month, it produced 825 BTC, a monthly production record. The monthly production of March increased by 21% from the previous month’s mined BTC.
The operational hash rate of Marathon Digital has witnessed a steep jump of 195% from 3.9 exahashes during the first quarter of 2022. Compared to last month’s hash rate of 7.0 exahashes, the currency hash rate of 11.5 exahashes is an increase of about 64%.
Cryptocurrency mining companies had been through a tougher phase after the hit by the recent crypto winter. The prices of almost every other crypto asset started tumbling down, making it harder for mining companies to continue their mining operations. Many miners, like Compute North, even had to file for bankruptcy.
After the havoc witnessed by the border crypto market and, eventually, by the crypto mining sector, the recent results of Marathon Digital affirm the normalcy in the crypto market.
The mining firm’s management also holds an optimistic outlook regarding the company’s performance. It is majorly after deploying around 25,900 Bitcoin miners online in the North Dakota region’s mining facilities. After the deployment of the fresh batch, the combined capacity of Marathon Digital will reach up to 105,200 mining rigs in April.
Moreover, Marathon had its name in the companies in ties with the fallen crypto-friendly Silvergate Bank. However, it clarified the expenses it had covered until now.
Chairman and CEO of Marathon Digital, Fred Theil, stated, “We reduced our debt by $50 million and increased our unrestricted Bitcoin holdings by 3,132 Bitcoin after we prepaid our term loan and terminated our credit facilities with Silvergate Bank.”
By the end of this quarter, the company is said to have liquidity worth 124.9 million USD in cash and cash equivalents. In addition, its Bitcoin reserve holds about 11,466 BTC worth 326.5 million USD by March 2023. This combined makes over 450 million USD for Marathon Digital.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
