Marathon Digital Mined 2,195 Bitcoin in Q1

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Marathon Digital, a Bitcoin mining company, has achieved a quarterly mining record by mining 2,195 BTC in the first quarter of 2023, which is currently worth approximately $62 million.

According to an update on April 3, this represents a 74% increase from the same period in the previous year and a 41% increase from Q4 2022.

The miner also increased its operational hash rate by 195% from Q1 2022, which contributed to the achievement.

In March, Marathon also set a monthly record by mining 825 BTC, which is currently valued at about $23.3 million, marking a 21% increase in production from February.

The company’s CEO, Fred Thiel, said that Marathon made “notable progress” in achieving its two primary initiatives for 2023: to energize its previously purchased mining rigs to reach 23 exahashes by the end of Q2 and to optimize performance. By March 31, the company had increased its operational hash rate from 7.0 exahashes on Jan. 1 to 11.5 exahashes, exactly on target.

The increase in efficiency is attributed to the company bringing online 25,900 Bitcoin miners located in various facilities in North Dakota, bringing the total number of mining rigs to 105,200 as of April 1.