Business
Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for February 2023
- Increased Hash Rate 30% by Energizing Approximately 18,800 Bitcoin Miners (c. 2.2 EH/s) in February 2023 - Produced 683 BTC in February 2023 and 1,370 BTC
About this update from Mara Holdings, Inc.
[{"type":"text","content":"- Increased Hash Rate 30% by Energizing Approximately 18,800 Bitcoin Miners (c. 2.2 EH/s) in February 2023 - Produced 683 BTC in February 2023 and 1,370 BTC Quarter-To-Date - Increased Unrestricted Cash to $219.7 Million and Increased Unrestricted Bitcoin Holdings to 8,260 BTC (c. $191.2 million) FORT LAUDERDALE, Fla., March 02, 2023 (GLOBE NEWSWIRE) -- Marathon Digital Holdings, Inc. (NASDAQ:MARA) (\"Marathon\" or \"Company\"), a leader in supporting and securing the Bitcoin ecosystem, today published unaudited bitcoin (“BTC”) production and miner installation updates for February 2023. Management Commentary“We successfully energized nearly 19,000 Bitcoin miners across multiple facilities in February, with over 8,000 of these units consisting of S19 XPs,” said Fred Thiel, Marathon’s chairman and CEO. “During the month, we increased our hash rate to 9.5 exahashes, a 30% increase from the prior month. We also increased our average bitcoin produced per day by 10% compared to January, producing 683 bitcoin in February. “We opted to sell 650 bitcoin this month to offset operating expenses and for general corporate purposes. Even with these sales, we increased our unrestricted bitcoin holdings from 8,090 bitcoin as of January 31, 2023, to 8,260 bitcoin, valued at $191.2 million as of February 28, 2023. Additionally, we increased our unrestricted cash on hand to $219.7 million. “To continue advancing our operations and improve efficiency, our primary focus this year is to energize more miners and to optimize our fleet’s performance. We remain confident in our ability to scale Marathon into one of the largest and most energy efficient Bitcoin mining operations globally by installing approximately 23 exahashes of computing power near the middle of 2023.” Operational Highlights and Updates Figure 1: Operational Highlights Year-Over-Year Comparison Prior Month Comparison Metric2/28/20232/28/2022% Δ 2/28/20231/31/2023% Δ BTC Produced68336090% 683687-1% Avg. BTC Produced per Day24.412.990% 24.422.110% Operational/Energized Hash Rate (EH/s)19.53.8150% 9.57.330% Installed Hash Rate (EH/s)214.0NANA 14.011.027% 1. Defined as the amount of hash rate that could theoretically be generated if all mining servers that have been operational/energized are currently in operation (includes mining servers that are temporarily offline for maintenance or si...