Marathon Digital Mines 3,197 Bitcoin In 2021, Projects 23.3 EH/s Hashrate By 2023

Marathon Digital Holdings (Nasdaq: MARA) announced on Monday its production updates, highlighting production of 3,197 self-mined bitcoin in the fiscal year 2021. This is a dramatic jump from its 2020 production of 338 bitcoin.

In December 2021, the firm produced 484.5 self-mined bitcoin–its highest monthly yield to date. This is also higher than November 2021’s production of 196.0 bitcoin, which was impacted by maintenance and upgrades to its power station in Hardin, Montana.

The blockchain company last sold bitcoin in October 2021 and has been holding all bitcoin it mines since then. Currently, it has 8,133 bitcoin in custody with a market value of approximately US$375.8 million.

“We are starting 2022 with substantial momentum and a clear path to grow throughout this year and beyond,” said CEO Fred Thiel. “Today, we have access to top-tier hosting and renewable power, a strong balance sheet with $644.3 million in total liquidity, and nearly 167,000 industry leading bitcoin miners being added to our fleet between the start of this year and early 2023.”

The crypto miner also reported that it ended the year with US$268.5 million in cash on hand.

Currently, it operates a fleet of 32,350 active miners, putting its hashrate at 3.5 EH/s. The company disclosed that it recently purchased additional Antminer S19 XP machines expected to push its fleet to 199,000 bitcoin miners with a projected hashrate of 23.3 EH/s by 2023 once fully deployed.

Marathon Digital last traded at $32.89 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.

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