Marathon Digital Powers 19,000 Bitcoin Miners and Plans to Expand Operations in 2023; Sells Nearly All February Mined Bitcoin
Marathon Digital Holdings, Inc., a company that supports and secures the Bitcoin ecosystem, has published an update on its Bitcoin mining operations for February 2023. The company has successfully energized nearly 19,000 Bitcoin miners across multiple facilities, with over 8,000 of these units consisting of S19 XPs.
During the month, Marathon increased its hash rate to 9.5 exahashes, a 30% increase from the prior month. The company also increased its average bitcoin produced per day by 10% compared to January, producing 683 bitcoin in February. Marathon opted to sell 650 bitcoin this month to offset operating expenses and for general corporate purposes.
Even with these sales, Marathon increased its unrestricted bitcoin holdings from 8,090 bitcoin as of January 31, 2023, to 8,260 bitcoin, valued at $191.2 million as of February 28, 2023. Additionally, the company increased its unrestricted cash on hand to $219.7 million.
Marathon’s primary focus this year is to energize more miners and to optimize its fleet’s performance. The company aims to install approximately 23 exahashes of computing power near the middle of 2023 to scale its operations into one of the largest and most energy-efficient Bitcoin mining operations globally.
During February, approximately 18,800 of Marathon’s Bitcoin miners were energized across multiple sites, including 3,900 S19 XPs in Granbury, TX (Wolf Hollow) and 3,800 S19 XPs in Jamestown, ND. The installation of Marathon’s miners at Applied Digital’s facility in Garden City, TX, was fully completed, and approximately 4,100 of Marathon’s S19 XPs were installed at Applied Digital’s facility in Ellendale, ND, during the month. 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.
In terms of finances, Marathon holds a total of 11,392 BTC, of which approximately 8,260 BTC are unrestricted, and the company’s unrestricted cash on hand increased to $219.7 million in February. The company sold 650 BTC to offset its operating expenses and for general corporate purposes.
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