- Marathon Digital records stellar figures in the first three months of 2022 as it mines over 2,000 Bitcoins.
- In terms of efficiency, the mining firm recorded a 64% increase in its hash rate to new highs.
- The firm’s CEO remarked that it is on course to become one of the most efficient mining companies despite macroeconomic conditions.
After surviving a choppy end to 2022, Marathon Digital’s latest Q1 reports show the company has made a blistering start to the year following wins in debt reduction and mined assets.
According to a recent report, Marathon Digital announced that it mined 2,195 BTC worth $62 million in the first quarter of the year. The company attained the feat by mining an average of 24 BTC, an impressive 74% rise in the first quarter of 2022.
Details gleaned from a management commentary revealed that Marathon Digital increased its operational hash rate to 11.5 exahashes from 7.0 exahashes. Despite the operational improvements, the company confirmed that it aims to achieve 23 exahashes before the second half of the year as part of its ambitious plans to become the leading industry player.
On the financial side of things, Marathon Digital also scored impressive wins as it reduced its debt profile by $50 million. The firm ended Q1 with assets worth $326 million, comprising 11,466 BTC and $124.9 million in unrestricted cash, confirming that it remained in healthy financial shape despite Silvergate Bank’s collapse.
“Given the operational and financial improvement we made during the first quarter, we remain optimistic that we can achieve our primary growth targets and establish Marathon as one of the largest and most energy-efficient Bitcoin mining operations globally,” said Fred Thiel, Marathon Digital CEO.
Lining up things for a bigger Q2
Marathon Digital is bracing for even bigger market efficiencies in the second quarter following the purchase of new Antminer S19 XPs mining rigs. The firm says that the new mining rigs could make up as much as 66% of its hash rates, but Compass Mining reports that the machines are prone to overheating due to internal defects.
Presently, Marathon Digital has 105,200 BTC miners capable of generating up to 11.5 EH/s when operating at full capacity. It is widely expected for the number of miners to increase in Q2 in line with plans to achieve 23 exahashes before the end of the quarter.
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