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Bitcoin Mining Giant Marathon Sets Record with Production of 2,195 Bitcoins in Q1

Marathon Digital Holdings has published unaudited updates on Bitcoin production and miner installations for March 2023. In Q1 of 2023, the company increased its operational hash rate by 64%, from 7.0 exahashes to 11.5 exahashes, leading to a 41% increase in Bitcoin production to 2,195 BTC.

Furthermore, Marathon’s March 2023 production increased by 21% from February, with a record 825 BTC produced. The company also reduced its debt by $50 million and increased its unrestricted Bitcoin holdings by 3,132 BTC, exiting Q1 with $124.9 million in unrestricted cash and cash equivalents, and 11,466 BTC, valued at approximately $326.5 million.

Marathon’s chairman and CEO, Fred Thiel, announced that the company had made notable progress in executing its two primary initiatives for 2023. The first initiative was to energize its previously purchased mining rigs to reach its target of 23 exahashes by mid-year, and the second was to optimize its performance to become more effective and efficient. The company still expects to have approximately 23 EH/s of capacity installed near the middle of 2023.

During the first quarter, Marathon increased its operational hash rate 64% from 7.0 EH/s on January 1, 2023, to 11.5 EH/s as of March 31, 2023. In March, approximately 13,000 of Marathon’s previously installed Bitcoin miners were energized at Applied Digital’s facilities in North Dakota.

Marathon’s operating fleet now consists of approximately 105,200 Bitcoin miners, theoretically capable of producing approximately 11.5 EH/s. Once all of Marathon’s previously purchased miners are installed, approximately 66% of the company’s hash rate is expected to be generated by S19 XPs, which are approximately 30% more energy efficient than the previous generation of mining rigs.

Marathon’s financial position also improved during Q1 of 2023. The company reduced its debt by $50 million, and its unrestricted Bitcoin holdings increased by 3,132 BTC. Marathon exited Q1 with approximately $124.9 million in unrestricted cash and cash equivalents and 11,466 BTC, valued at approximately $326.5 million on March 31. Given the operational and financial improvements made during Q1, Thiel remains optimistic that Marathon can achieve its primary growth targets and establish itself as one of the largest and most energy-efficient Bitcoin mining operations globally.

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