Marathon Digital Mined 2,195 BTC in Q1 2023
Marathon Digital Holdings mined 2,195 BTC in the first quarter of 2023, a jump of 41% compared to the previous three months and 74% compared to the same period in 2022.
This was likely due to an increase in hash rate to 11.5 EH/s, a decrease in equipment downtime, and increased efficiency.
Consequently, the total number of Bitcoins on the company’s balance sheet increased to 11,466 BTC (~$315.4 million) and free cash and cash equivalents were estimated at $124.9 million.
Additionally, Marathon’s income in the first quarter of 2023 amounted to $51.1 million, with adjusted EBITDA at $18.6 million.
CEO Fred Thiel said that the industry had shown its resilience in the previous year, and 2023 was off to a good start with increased hashrate, lowered costs, and improved balance sheet.
