Marathon Digital Mines 1,258.6 Bitcoin In Q1 2022
Marathon Digital Holdings (Nasdaq: MARA) announced Monday its production updates, highlighting a quarterly production of 1,258.6 self-mined bitcoin in Q1 2022. This is a jump from its Q4 2021 production of 1,258.6 bitcoin and Q1 2021 production of 191.8 bitcoin.
“Our bitcoin production would have increased 17% to 1,282 BTC if the global hash rate had remained constant from the end of Q4 2021,” said CEO Fred Thiel.
The blockchain company last sold bitcoin in October 2021 and has been holding all bitcoin it mines since then. Currently, it has 9,373.6 bitcoin in custody with a market value of approximately US$427.7 million.
The firm also said that it has increased its hash rate by 14% this quarter vis-a-vis the last quarter. It is looking at achieving 13.3 EH/s by mid-2022 and said it is on track to reach 23.3 EH/s by early next year.
The crypto miner also reported that it ended the year with US$118.5 million in cash on hand and US$546.2 million in total liquidity.
Currently, it operates a fleet of 36,830 active miners, putting its hashrate at 3.9 EH/s.
Marathon Digital last traded at $28.92 on the Nasdaq.
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
