Marathon Digital, a Bitcoin mining company, has set a new quarterly production record by mining 2,195 BTC in Q1 2023. This represents a 74% increase from the same period last year and a 41% increase from Q4 2022. The company has increased its operational hash rate by 195% from Q1 2022, and its monthly record of BTC mined was 825 in March, worth approximately $23.3 million. Marathon’s CEO, Fred Thiel, said the company has made notable progress on its two primary initiatives for 2023, which are to reach 23 exahashes by the end of Q2 and to optimize performance.
The company is now on target, having increased its operational hash rate from 7.0 exahashes on Jan. 1 to 11.5 exahashes as of March 31. Marathon finished the quarter with approximately $124.9 million in unrestricted cash and cash equivalents and 11,466 BTC, which equates to over $450 million. Marathon expects operational efficiencies to continue with the purchase of new Antminer S19 XPs Bitcoin mining rigs, said to be nearly 30% more efficient than the Antminer S19 Pro.
