• Latest
  • Trending
  • All
Marathon Digital Announces a Record Bitcoin Production in Q1 2023

Marathon Digital Announces a Record Bitcoin Production in Q1 2023

April 4, 2023
Beam Plans January Halving to Further the Cause of Privacy Coins

Beam Plans January Halving to Further the Cause of Privacy Coins

December 5, 2023
Dogecoin Founder Reveals Shocking Fact About FTX Creator SBF

Dogecoin Founder Reveals Shocking Fact About FTX Creator SBF

December 5, 2023
Crypto Analyst Says It’s “Not Too Late” To Buy Ethereum, Here’s Why

Crypto Analyst Says It’s “Not Too Late” To Buy Ethereum, Here’s Why

December 5, 2023
Ethereum (ETH), Ripple (XRP), Cardano (ADA), Litecoin (LTC), Polkadot (DOT) al Mercato in Crescita

Ethereum (ETH), Ripple (XRP), Cardano (ADA), Litecoin (LTC), Polkadot (DOT) al Mercato in Crescita

December 5, 2023
Crypto Markets Add $70 Billion Daily as BTC, ETH Soar to 19-Month Highs (Market Watch)

Crypto Markets Add $70 Billion Daily as BTC, ETH Soar to 19-Month Highs (Market Watch)

December 5, 2023
Analyst Predicts Rallies for Cosmos, Gala and One Bitcoin Ecosystem Altcoin – Here Are His Targets

Analyst Predicts Rallies for Cosmos, Gala and One Bitcoin Ecosystem Altcoin – Here Are His Targets

December 5, 2023
Bitcoin Overtakes Tesla, Berkshire Hathaway Stock to Become Top 10 Asset

Bitcoin Overtakes Tesla, Berkshire Hathaway Stock to Become Top 10 Asset

December 5, 2023
Societe Generale Issues First Digital Green Token on Ethereum Mainnet Network

Societe Generale Issues First Digital Green Token on Ethereum Mainnet Network

December 5, 2023
Bitcoin Miner Riot Secures 66560 Microbt ASIC Miners to Boost Hashrate by 18 EH/s – Mining Bitcoin News – Bitcoin.com News

Bitcoin Miner Riot Secures 66560 Microbt ASIC Miners to Boost Hashrate by 18 EH/s – Mining Bitcoin News – Bitcoin.com News

December 5, 2023
Crypto Nostradamuses Triumphant: Bitcoin, Ethereum, Shiba Inu, Dogecoin Take Off, Reaffirming Pundits’ Predictions

Crypto Nostradamuses Triumphant: Bitcoin, Ethereum, Shiba Inu, Dogecoin Take Off, Reaffirming Pundits’ Predictions

December 5, 2023
Why Did Ethereum Price Reach A New Yearly High?

Why Did Ethereum Price Reach A New Yearly High?

December 5, 2023
Litecoin na koniec roku złapie nowy wiatr w żagle?

Litecoin na koniec roku złapie nowy wiatr w żagle?

December 5, 2023
Tuesday, December 5, 2023
DLT EMPIRE
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Crypto Mining
  • Dogecoin
  • Litecoin
  • Market
No Result
View All Result
DLT EMPIRE
No Result
View All Result
Home Crypto Mining

Marathon Digital Announces a Record Bitcoin Production in Q1 2023

by Cuevas Antonio
April 4, 2023
in Crypto Mining
0
Marathon Digital Announces a Record Bitcoin Production in Q1 2023
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter


One of the leading crypto mining firms – Marathon Digital – mined a record 2,195 BTC during the year’s first quarter and increased its holdings to 11,466 bitcoin (equivalent to over $321 million at current prices).

The positive result at the start of the year contrast with the performance from 2022. The company’s mining capacity was crippled due to a massive storm last summer, while its multi-million exposure to the troubled data center – Compute North – caused additional problems. 

The ‘Notable Progress’ 

Fred Thiel – Chairman and CEO of the organization – said Q1 was the most successful one, with a record 2,195 BTC produced. In comparison, Marathon mined 1,259 BTC in Q1 last year and 1,562 BTC during the last quarter of 2022. 

This helped the company boost its hash rate to 11.5 exahashes (a 64% increase compared to the 7.0 exahashes at the end of last year). The firm’s goal is to reach 23 exahashes by the middle of 2023 by deploying its previously purchased mining equipment:

“During the first quarter of 2023, we made notable progress executing our two primary initiatives for the year, which are to energize our previously purchased mining rigs to reach our target of 23 exahashes by the middle of this year and to optimize our performance so that we are both more effective and more efficient.” – Thiel added.

March was a solid month for Marathon, during which it mined nearly 40% of its entire quarterly load (825 BTC). In addition to its operational progress, the entity improved its financial position. It reduced its debt by $50 million and increased its unrestricted bitcoin holdings by 3,132 BTC after terminating its credit facilities with Silvergate Bank. 

Marathon finished Q1 with approximately $124.9 million in unrestricted cash and cash equivalents and 11,466 bitcoin. The stash’s current market value is worth nearly $321 million. 

Some Turbulence in 2022

A severe storm that passed through the state of Montana last summer crippled 75% of Marathon’s total mining fleet, causing a decline in production levels. 

“Bringing miners fully back online will take time, and we are committed to doing everything we can to rebuild our hash rate and to improve our bitcoin production… Separate from this event, construction and installations in Texas have continued as scheduled, and given the current macro environment, our pipeline of potential new hosting arrangements remains strong,” CEO Thield said at the time.

Marathon restored the normal course of operations in the following months before coming upon another problem – the $80 million exposure to Compute North. While the latter installed and hosted over 68,000 of Marathon’s BTC mining machines in Texas, it could not turn on 40,000 of them due to regulatory issues. 

To cope with the increased expenses in 2022, the miner scrapped its HODL strategy and sold 1,500 BTC in January. The last time it parted with some of its possessions was in October 2020.



Source link

Tags: AnnouncesBitcoindigitalMarathonProductionRecord
Share196Tweet123Share49
Cuevas Antonio

Cuevas Antonio

  • Trending
  • Comments
  • Latest
ChatGPT is Being Used to Make ‘Quality Scams’

ChatGPT is Being Used to Make ‘Quality Scams’

March 20, 2023
Rise of AI-Powered Cheating: Challenges and Solutions for Educators

Rise of AI-Powered Cheating: Challenges and Solutions for Educators

March 20, 2023
Former FTX US President Reportedly Quit After ‘Protracted Disagreement’ With Bankman-Fried

Former FTX US President Reportedly Quit After ‘Protracted Disagreement’ With Bankman-Fried

April 10, 2023
Silicon Valley Bank: Bitcoin investors in panic as market goes sideways

Silicon Valley Bank: Bitcoin investors in panic as market goes sideways

0
24 Crypto Terms You Should Know

24 Crypto Terms You Should Know

0
Bitcoin, Ethereum, Dogecoin Rally As Team Biden Cushions SVB Blow

Bitcoin, Ethereum, Dogecoin Rally As Team Biden Cushions SVB Blow

0
Beam Plans January Halving to Further the Cause of Privacy Coins

Beam Plans January Halving to Further the Cause of Privacy Coins

December 5, 2023
Dogecoin Founder Reveals Shocking Fact About FTX Creator SBF

Dogecoin Founder Reveals Shocking Fact About FTX Creator SBF

December 5, 2023
Crypto Analyst Says It’s “Not Too Late” To Buy Ethereum, Here’s Why

Crypto Analyst Says It’s “Not Too Late” To Buy Ethereum, Here’s Why

December 5, 2023

Recent News

Beam Plans January Halving to Further the Cause of Privacy Coins

Beam Plans January Halving to Further the Cause of Privacy Coins

December 5, 2023
Dogecoin Founder Reveals Shocking Fact About FTX Creator SBF

Dogecoin Founder Reveals Shocking Fact About FTX Creator SBF

December 5, 2023
Crypto Analyst Says It’s “Not Too Late” To Buy Ethereum, Here’s Why

Crypto Analyst Says It’s “Not Too Late” To Buy Ethereum, Here’s Why

December 5, 2023

Categories

  • Altcoin
  • Altcoin News
  • Altcoins
  • Artificial Intelligence
  • Bitcoin
  • Blockchain
  • Blockchain Games
  • Business
  • Crypto
  • Crypto Mining
  • Cryptocurrencies
  • Cryptocurrency
  • Culture
  • Defi
  • Dogecoin
  • Economy
  • Education
  • Entertainment
  • Ethereum
  • Featured
  • Gambling
  • Governance
  • Health
  • Lifestyle
  • Litecoin
  • Market
  • News
  • Sports
  • Uncategorized
  • Web 3.0
  • World

Converter

Cryptocurrency Prices by Coinlib

© 2023 Dlt Empire | All Rights Reserved

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Crypto Mining
  • Dogecoin
  • Litecoin
  • Market

© 2023 Dlt Empire | All Rights Reserved