The publicly-listed cryptocurrency miner, Marathon Digital Holdings, Inc. (NASDAQ:MARA) has announced its March and first quarter 2023 production statistics, showing a record number of Bitcoins (BTC) mined during the previous month and the entire Q1.
Marathon Posts Record-Breaking Bitcoin Mining Numbers
According to Marathon Digital’s press release from Tuesday, the crypto production reached a record 825 BTC, rising 21% month-over-month (MoM). Due to the higher hash rate that increased by 64% in the previous quarter to 11.5 EH/s, the company was able to close the three months ending 31 March with a record-breaking 2,195 BTC produced.
The number of Bitcoin produced showed an increase of 74% compared to the same period a year earlier (1,259 BTC) and 41% compared to the previous quarter (1,562 BTC). On an average day, Marathon Digital can now mine 24.4 BTC, whereas a year ago, it was 14 BTC. As of 1 April 2023, the company holds 11,466 BTC in inventory.
“During the first quarter of 2023, we made notable progress executing on our two primary initiatives for the year, which are to energize our previously purchased mining rigs to reach our target of 23 exahashes by the middle of this year and to optimize our performance so that we are both more effective and more efficient,” Fred Thiel, the Chairman and CEO of Marathon Digital, commented.
Additionally, Thiel shared his optimism and stated that due to the considerable improvements in the company’s operations and finances during the first quarter, the company might achieve its main growth goals and establish itself as one of the largest and most energy-efficient Bitcoin mining operations worldwide.
Crypto Winter Turns into Crypto Thaw
2022 was undoubtedly challenging for the crypto mining industry, especially after a record-breaking 2021 when miners earned $15.3 billion. Due to the prolonged crypto winter and falling prices of the leading digital assets, the revenues were slashed last year by 37.5% and came in at $9.55 billion.
After a quite challenging December, which Ideally summed up the difficult market conditions in 2022, the situation in the cryptocurrency mining industry has begun to improve. Data provided by publicly-listed miners from January to March showed rising income due to the rebound of the BTC spot price.
Although Argo Blockchain, one of Marathon Digital’s competitors, could not produce more Bitcoin in March than in February, the overall mining revenue rose to $4.05 million. After defending itself from potential bankruptcy, the company is finally starting to see a brighter light in the dark tunnel. Galaxy Digital Holdings, Ltd, a financial firm focused on digital assets owned by Mike Novogratz, helped the troubled miner by purchasing one of its Texas mines and refinancing its loans.
After falling more than 60% in 2022, Bitcoin started 2023 on a stronger foot and is currently rebounding by 73%. Interestingly, the recent banking crisis that electrified traders worldwide has proved to be a savior for cryptocurrencies, again making them a hedge against inflation and uncertain times.
The crypto winter might not be over yet, but the calendar spring brings a crypto thaw, which should help investors in the cryptocurrency market and miners too.