Marathon, a leading Bitcoin mining company in North America, has announced a record-breaking quarter, producing 2,195 BTC in Q1 2023, the highest quarter in the company’s history. The company currently holds 11,466 BTC, worth about $326.5 million, and $124.9 million in cash and cash equivalents.
According to Marathon’s Q1 report, their hash rate surged to 11.5 EH/s as of March 31, 2023, with the activation of around 13,000 Bitcoin miners. Out of these, 9,400 S19 XPs were powered in Ellendale and 3,500 S19 XPs in Jamestown, North Dakota. Marathon’s active fleet now holds around 105,200 Bitcoin miners capable of generating 11.5 EH/s.
Marathon’s CEO, Fred Thiel, reported that the company achieved significant progress in the first quarter of 2023 by executing its primary goals, which included optimizing mining rig performance to reach 23 exahashes by mid-year. It resulted in a 41% increase in Bitcoin production from the previous quarter.
Additionally, the company improved its financial position by reducing debt by $50 million and increasing its unrestricted Bitcoin holdings by 3,132 Bitcoin.
Despite the success, it recently sold 750 BTC and plans to sell more in the future for operational and corporate purposes. They no longer have deposited at Signature Bank.
However, the company is optimistic about achieving growth targets and becoming a leading, energy-efficient BTC miner by installing new miners, which are expected to generate 66% of the company’s hash rate and be 30% more energy-efficient than previous models.
Its Q1 success showcases crypto market growth and mining companies’ potential. Nevertheless, with solid finances and production capabilities, Marathon is well-positioned for the future growth of cryptocurrencies.
Bitcoin Hashrate Slowdown After Q1 Highs
In another notable update, Bitcoin’s hashrate is experiencing a slowdown after an impressive Q1, according to the latest report by HashRate Index. The hashrate hit a record high of 357 EH/s on March 28 but has since fallen by 4%.
Despite this dip, the hashrate grew by 31% in Q1. The recent drop in hashrate has improved the chances of the next difficulty adjustment being less severe. The current epoch is over 71% complete, and miners find blocks every 9 minutes and 49 seconds on average.
The difficulty forecast predicts a positive adjustment of around 1.5-1.8% in four days, which is still preferable to the significant upward adjustments that occurred this year. Hashprice, which rose slightly last week but remains below $80/PH/day, must be sustained for a little longer.
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