Marathon Digital announces to have mined a record amount from bitcoins in Q1 2023. The publicly traded miner increased its computing power by 64% this quarter to 11 EH/s.
At the beginning of the week, Digital Marathon has released information about its digital coin extraction operations.
According to the release, the U.S. firm has seen its production of bitcoins progress from 21% month-over-month in the first quarter of 2023 as the company gradually increased its hash rate (hash rate) to 11.5 EH/s.
During the quarter, we increased our operational hash rate by 64%, from 7 exahashs to 11.5 exahashs. We also saw improvements in the consistency of our hash rate, indicating that some of the technology upgrades we have implemented are taking effect. By improving our hash rate, we increased our production by 41% over the previous quarter,” said Fred Thiel, Marathon’s boss.
In total, Marathon Digital extracted 2195 BTC in Q1 2023including 825 in the month of March. This is a record for the Texas-based Nasdaq-listed company, which had 1562 BTC in Q4 2022.
Fred Thiel said Marathon further improved its financial position by terminating its credit facilities with defunct California-based financial institution Silvergate Bank. “We ended the quarter with 11,466 BTCwith a market value of about $326.5 million as of March 31,” he added. Earlier this year, Marathon made its first sale of bitcoins to cover its expenses.
The mining firm now plans to install new machines with the goal of reaching hash rate of 23 EH/s by next fall. Its infrastructure already hosts more than 100,000 ASICs.
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