Marathon Digital Holdings, a major player in supporting and securing the Bitcoin ecosystem, reported a 21% increase in Bitcoin production in March 2023.
As of March 31, 2023, the company held 11,466 bitcoins (c. $326.5 Million) and had unrestricted cash and cash equivalents of $124.9 million.
In Q1, Marathon set a new quarterly record of 2,195 bitcoins mined, marking a 41% increase from the previous quarter. The hash rate rose by 64% from 7.0 exahashes to 11.5 exahashes as of March 31, 2023, with an expected capacity of 23 EH/s by mid-2023.
Marathon has plans to expand its mining operations and become the largest Bitcoin miner in North America.
In March, the company repaid its term loan, decreased its debt by $50 million, and terminated its credit facilities with Silvergate Bank.
Also Read: Bitcoin Miner Core Scientific Reports Daily Mining Production
