Marathon Digital Holdings, one of the largest Bitcoin miners in North America, announced its record production of 687 Bitcoins in January 2023. The company, which currently holds 11,418 BTC, also sold 1,500 of its holdings during the same month and intended to continue selling a portion of its Bitcoin this year.
Marathon’s Chairman and CEO, Fred Thiel, attributes the improvement in bitcoin production to the successful collaboration with their hosting provider in McCamey, Texas. The new partnership addressed technical issues that suppressed production in Q4 2022. The result is a 45% increase in bitcoin production from December 2022 to January 2023.
Marathon Sells 1,500 Bitcoin To Strengthen Balance Sheet
However, per the press release, the company’s BTC production has seen a significant surge, with a production of 687 units in January, marking a 49% increase from the previous month’s 462 units. It has resulted in an average daily production of 22.1 units, also a 49% rise from January’s 14.9 units.
Additionally, the operational and energized hash rate (EH/s) has seen a 103% increase, reaching 7.3 in January 2023 compared to 3.6 in January 2022. The installed hash rate (EH/s) has also seen a 206% boost, now standing at 11.0 compared to 3.6 in January 2022.
With more consistent bitcoin production, Marathon decided to sell some of its holdings to cover operating expenses. The sales did not significantly impact the miner’s unrestricted Bitcoin holdings, which increased from 7,815 to 8,090 from December 2022 to January 2023. Marathon ended January 2023 with $133.8 million in available cash on hand.
According to the press release, with production increasing, Marathon aims to focus on energizing more miners and optimizing their performance. The company aims to become one of the largest and most energy-efficient Bitcoin mining operations globally by installing 23 exahashes of computing power by the middle of 2023.
Marathon’s facilities in Garden City, Texas, and Ellendale, North Dakota, are also expected to commence operations in Q1 2023. In January, 2,100 of Marathon’s S19 XPs were energized at the Jamestown facility, increasing the company’s operating fleet to approximately 71,000 BTC servers with a theoretical capacity of 7.3 EH/s as of February 1, 2023.
Recently, Marathon Digital Holdings and FS Innovation, LLC entered into a Shareholders’ Agreement to form an Abu Dhabi Global Markets company to establish and operate one or more mining facilities to expand bitcoin mining operations.
The company’s commitment to strengthening its balance sheet and improving operational efficiency, along with its partnerships and expansions, has placed it in a solid position to achieve its growth and operational targets in 2023.
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