The mining company Marathon Digital Holdings mined 2195 BTC in January-March 2023, an increase of 41% compared to the previous three months.
Here are $MARA’s Q1 2023 Financial & Operational Highlights
– Revenue = $51.1M
— Adj. EBITDA = $18.6M
— Unrestricted cash & cash equivalents = $124.9 M
– Bitcoin holdings = 11,466 BTC
– Increased energized hash rate 64% to 11.5 EH/s
— Increased #Bitcoin production 41% to 2,195…— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) May 10, 2023
Compared to the first quarter of 2022, Bitcoin mining jumped by 74%.
The increase in production performance was facilitated by a 64.5% increase in hash rate to 11.5 EH/s, and a decrease in equipment downtime.
The total number of bitcoins on the company’s balance increased to 11,466 BTC (~$315.4 million). Free cash and cash equivalents were estimated to $124.9 million. Marathon’s income in January-March amounted to $51.1 million, adjusted EBITDA – $18.6 million
“After industry-wide resiliency testing last year, 2023 has started off well with hashrate increases, cost reductions, and better balance sheets,” said Marathon CEO Fred Thiel.
Recall that in May, a top manager said that the crypto-winter had rid the market of “dubious operators”.
It also became known that Marathon Digital received a second subpoena from SEC in connection with an investigation at one of the company’s facilities. The regulator sent the first to the company in November 2021.
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