Marathon Digital mined 2,195 bitcoin in Q1, with 41% of that (825 BTC) mined in March.
The company also grew its total hashrate by 64% from 7 exahashes t0 11.5 exahashes.
CEO Fred Thiel says the company is confident it will reach its primary growth targets.
Marathon Digital Holdings (NASDAQ:MARA) had one of its best quarterly performances in terms of Bitcoin mining returns in Q1, 2023, according to company’s unaudited mining and installations update the published on Tuesday.
With hashrate increasing by over 60% during the quarter, the miner saw its total BTC holdings jump by a record 2,195 bitcoin.
Marathon Digital says it mined 2,195 BTC in Q1 2023, with 825 BTC in March
As the crypto market looked to bounce from the brutal 2022 bear market in the first three months of 2023, with Bitcoin price reaching highs near $29k, Marathon Digital bumped up its mining operations.
March was the standout month as the miner added 825 bitcoin, about 41% of total BTC mined in the quarter. That figure was up 21% on the total number of BTC mined in February as total quarterly mining count reached 2,195 BTC.
According to Marathon Digital CEO Fred Peter, the uptick in production came as the company increased its hashrate after a difficult 2022. He commented:
“During the quarter, we increased our operational hash rate 64% from 7.0 exahashes to 11.5 exahashes. We also observed improvements in the consistency of our hash rate, which indicates that some of the technological upgrades we have been implementing are starting to take effect. By improving our hash rate, we increased our bitcoin production 41% from the prior quarter to a record 2,195 bitcoin in Q1. In March, we produced a record 825 bitcoin, which is a 21% increase from the prior month.”
In Q1, 2022, Marathon mined 1,259 bitcoin while it managed 1,562 in Q4, 2022.
According to the miner, its total BTC holdings at the end of Q1 was 11,466 bitcoin – worth about $326.5 as of 31 March. The company also ended the quarter with $124.9 million in unrestricted cash and cash equivalents.
“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,” Thiel noted.
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