US-based Mining Firm Produces Bitcoin Worth $16 Million in January

• Marathon Digital Holdings unearthed 687 BTC in January.
• The coin represents a 45% increase from the 475 it mined in December 2022.
• The company aims to become North America’s most prominent mining firm.

The US-based Bitcoin mining firm Marathon Digital Holdings started the year by producing a record number of Bitcoin (BTC) in January 2023.

According to an official statement from the company yesterday, Marathon has unearthed 687 BTC, representing a 45% increase from the 475 it mined in December 2022. Going by the current BTC price of $23,430.92, the 687 mined coins are equivalent to $16,097,042.

Fred Thiel, Marathon’s CEO, said the improvement in its Bitcoin production was primarily a result of the new hosting provider in McCamey, Texas. The hosting provider addressed the maintenance and technical issues at the King Mountain data center that had suppressed its production capacity since the fourth quarter of 2022.

Thiel also revealed that with the consistent increase in its mining operation, the company will sell some of the BTCs to cover operating expenses and for general corporate purposes. The CEO continued:

Even with these sales, our unrestricted bitcoin holdings increased from 7,815 bitcoin to 8,090 bitcoin as of January 31, 2023. The appreciation in bitcoin’s price in January reduced the amount of bitcoin we had posted as collateral. We ended the month with $133.8 million in unrestricted cash.

According to the company’s statement, once all of Marathon’s previously acquired miners are set up, the 30% more energy-efficient S19 XPs are estimated to produce roughly 66% of the firm’s hash rate.

Marathon is a technology firm specializing in digital assets, particularly Bitcoin and its surrounding community. According to its website, Marathon aims to become one of North America’s biggest and most environmentally friendly Bitcoin mining companies without amassing many physical assets.