Marathon Digital produces 825 Bitcoin in March

Marathon Digital published unaudited bitcoin, or BTC, production and miner installation updates for March. "During the first quarter of 2023, we made notable progress executing on 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," said Fred Thiel, Marathon’s chairman and CEO. "During the quarter, we increased our operational hash rate 64% from 7.0 exahashes to 11.5 exahashes. We also observed improvements in the consistency of our hash rate, which indicates that some of the technological upgrades we have been implementing are starting to take effect. By improving our hash rate, we increased our bitcoin production 41% from the prior quarter to a record 2,195 bitcoin in Q1. In March, we produced a record 825 bitcoin, which is a 21% increase from the prior month. In addition to our operational progress, we also improved our financial position during the quarter. We reduced our debt by $50 million and increased our unrestricted bitcoin holdings by 3,132 bitcoin after we prepaid our term loan and terminated our credit facilities with Silvergate Bank. We exited the quarter with approximately $124.9 million in unrestricted cash and cash equivalents and 11,466 bitcoin, the market value of which was approximately $326.5 million on March 31. Given the operational and financial improvements 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."