Marathon Digital Mined a Staggering 2,195 Bitcoin (BTC) in Q1 2023

• The recent additions bring its total holdings to 11,466 bitcoin.
• Q1 was the most successful quarter ever as per the company’s CEO.

Marathon Digital, one of the top cryptocurrency mining corporations, mined a record 2,195 BTC in the first quarter of the year, bringing its total holdings to 11,466 Bitcoin.

As compared to the results from 2022, the positive outcome at the beginning of this year is striking. A huge storm in the summer of last year severely impacted the company’s mining capacity, and the company’s multi-million exposure to the unstable Compute North data center only made matters worse.

Most Successful Quarter Ever

Fred Thiel, the company’s chairman, and CEO, said that Q1 was the most successful quarter ever, with a record 2,195 BTC generated. Marathon mined 1,259 BTC in Q1 of 2022, while it mined 1,562 BTC in Q4 of the same year.

Also, the result was a 64% rise in the company’s hash rate, from 7.0 exahashes at the end of last year to 11.5 exahashes now. By putting to use the mining hardware it has already acquired, the company hopes to have reached 23 exahashes by mid-2023.

Thiel stated:

“During the first quarter of 2023, we made notable progress executing our two primary initiatives for the year, which are to energize our previously purchased mining rigs to reach our target of 23 exahashes by the middle of this year and to optimize our performance so that we are both more effective and more efficient.” 

Moreover, March was a good month for Marathon, with production equal to roughly 40% of the company’s quarterly total (825 BTC). The organization has made strides in both operations and finances. By severing relations with Silvergate Bank, the company was able to cut its debt by $50 million and boost its unconstrained bitcoin holdings by 3,132 BTC.