Marathon Digital Holdings, the Bitcoin (BTC) mining company which recently severed its ties with embattled Silvergate Bank has announced a company record of 825 BTC mined in March. This brings the total amount of Bitcoin mined in the first quarter to 2,195 BTC. Based on the Marathon Digital monthly operations report, this figure is an all-time high record.
Compared to the 1,259 BTC produced in Q1 2022, the amount of BTC mined in Q1 2023 signifies a 74% increase. On average, the daily Bitcoin mined in Q1 2023 was around 24,4 BTC which is a 42% increase in the number of BTC mined in Q1 2022.
This significant upgrade in BTC mined was attributed to Marathon’s increase in mining power from 7.0 EH/s to 11.5 EH/s since the beginning of the year. The company made a 64% increase in operational hash rate. Markedly, the 825 BTC in March indicated a 21% rise from the number of tokens mined in February.
While still comparing both quarters, by the end of March, Marathon Digital had amassed 11,466 BTC in unrestricted BTC holdings which is currently valued at about $326.5 million as well as $124.9 million in unrestricted cash and cash equivalents. This is unlike in 2022 when Marathon Digital had only $118.5 million worth of cash and cash equivalents.
Marathon Digital Clears Silvergate Bank Loan
Speaking of the company’s outstanding debt to Silvergate Bank which is supposed to be due by 2025, Fred Thiel the Chief Executive Officer (CEO of Marathon Digital said “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.”
Amidst all these, the 2022 Q4 report showed that Marathon Digital’s revenue declined by 58% compared to the previous year. By December 31st, 2022, the BTC mining platform had recorded losses worth $686.7 million compared to December 31st, 2021 when it was only $37.1 million. In February, the BTC miner announced to the public the sales of 1500 BTC just right when the coin was recovering from its price dump.