- Marathon Digital has mined a record 2195 BTC in the first quarter of 2023.
- The Bitcoin miner’s operational hash rate increased by 64% in Q1’23.
- The company’s share price fell over 3% despite the record mining stats.
Marathon Digital Holdings, the Bitcoin mining giant based in the United States, has reported record-breaking numbers for the first quarter of 2023. The company mined a record 825 BTC over the past month, marking a 21% month-on-month increase in Bitcoin production.
According to a press release from Marathon Digital, the Bitcoin mining firm mined a record 2195 BTC in the first three months of 2023. The company managed to increase the operational hash rate by 64% in the first quarter, taking it to 11.5 EH/s as of March 31, 2023.
Fred Thiel, the company’s chairman, and CEO, highlighted in his statement that the firm is on track to reach its target of 23 exahashes by the end of the second quarter by energizing previously purchased mining rigs. The improved hash rate has helped the firm mine 41% more BTC compared to the previous quarter.
“In addition to our operational progress, we also improved our financial position during the quarter. 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,” Fred Thiel added.
Marathon Digital reported unrestricted cash and cash equivalents of $124.9 million and increased Bitcoin holdings to 11,466 BTC worth more than $326 million as of March 31, 2023. Based on the performance in the first quarter, the company’s top management is confident that Marathon can be positioned as one of the largest and most energy-efficient Bitcoin mining operations globally.
The optimistic numbers from the first quarter seemed to have little effect on the company’s share price, which has slumped more than 3% since trading opened yesterday. The stock ($MARA) is currently trading at $8.43.