Marathon Digital posts quarterly file of two,195 Bitcoin mined in Q1

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Bitcoin (BTC) mining agency Marathon Digital reported a quarterly file of two,195 BTC mined over the primary quarter of 2023, presently value round $62 million.

Marathon defined in an April 3 replace that the two,195 mined BTC is a 74% enhance from the primary quarter of final 12 months and a 41% enhance from This autumn 2022.

It comes on the again of the miner growing its operational hash fee by 195% from Q1 2022.

Marathon additionally recorded a month-to-month file of 825 BTC mined in March — presently valued at round $23.3 million — and marked a 21% manufacturing enhance from February.

In an announcement, chief govt Fred Thiel stated Marathon made “notable progress” on executing its two main initiatives for 2023 — to energise its beforehand bought mining rigs to succeed in 23 exahashes by the top of the second quarter and to optimize efficiency.

The agency is now precisely on track, having elevated its operational hash fee from 7.0 exahashes on Jan. 1 to 11.5 exahashes as of March 31.

Marathon’s administration attributed the rise in effectivity to it bringing on-line 25,900 Bitcoin miners primarily based in varied services in North Dakota, bringing its fleet to 105,200 mining rigs as of April 1.

Marathon defined its operational enhancements cleaned up a part of its stability sheet by wiping out $50 billion in debt along with repaying its mortgage again to the now-failed Silvergate Financial institution:

“We lowered our debt by $50 million and elevated our unrestricted Bitcoin holdings by 3,132 Bitcoin after we pay as you go our time period mortgage and terminated our credit score services with Silvergate Financial institution.”

The agency completed the quarter with roughly $124.9 million in unrestricted money and money equivalents, and 11,466 BTC, which equates to over $450 million.

Marathon famous the figures haven’t been audited.

Marathon’s figures present a stronger first quarter after robust market situations in 2022. Supply: Marathon Digital

Associated: Bitcoin ASIC miner costs hovering at lows not seen in years

Marathon expects operational efficiencies to proceed having bought a brand new batch of Antminer S19 XPs Bitcoin mining rigs which can be stated to be practically 30% extra environment friendly than the Antminer S19 Professional.

As soon as these miners are put in roughly 66% of Marathon’s hashrate will come from the S19 XPs, it stated.

The design of S19 XPs has, nonetheless, been criticized by fellow Bitcoin mining agency Compass Mining.

In a March report the agency recognized “three flaws” of the brand new S19s which can consequence within the mining rig overheating, or in some instances, shutting down utterly.

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