Marathon Digital Holdings, one of the biggest Bitcoin mining firms, has released its latest report showing its finances and operations within the past month. The report shows that the mining company mined 702 BTC in April, bringing its total BTC holdings to 11,568 BTC (worth approximately $330 million) on a year-over-year (YOY) timeframe.
The total BTC produced in April represented a 134% increase over the past 12 months. However, it was a decrement in comparison with the records of March 2023.
Marathon Increases Mining Machines
Last month, about 10,400 Marathon mining machines were “newly energized” in the mining facilities in Ellendale, North Dakota. The rest of the machines were installed in Jamestown, North Dakota. This pushed the firm’s operating equipment to approximately 122,900 units, capable of mining 14 exhashes per second (EH/s).
Marathon’s goal is to attain 23 exahashes towards mid-2023. Currently, it records an installed hash rate of 17.9 exahashes, which is 78% of its target.
Meanwhile, the Bitcoin mining company reported that it sold 600 BTC last month, likely to cover expenses. The firm added that it would take similar moves in the future.
“The Company [. . .] intends to sell a portion of its bitcoin holdings in future periods to support monthly operations, manage its treasury, and for general corporate purposes. The Company ended the month with $123.5 million in unrestricted cash and cash equivalents on its balance sheet,” the firm wrote.
Marathon’s stock, MARA, saw an 11% price uptrend amid the release of the financial report.
Bitcoin Mining Business Picking Up Once Again
The past year has been characterized by a severe bloodbath that enveloped the Bitcoin mining business alongside the broader crypto industry. With Bitcoin’s price reaching a threshold of $30,000 over the past few months, several Bitcoin mining firms are finally recording a decent financial record.
Last month, for example, a research firm discovered that Bitcoin mining stocks are outperforming Bitcoin. Some companies behind these stocks include Core Scientific, Riot, and Marathon.
