• Marathon Digital Holdings reported a 74% increase in Bitcoin output and $51M revenue from its cryptocurrency mining operations, but suffered a net loss of $7.2 million in Q1 2023
• The company’s hash rate rose 69%, producing 2,195 BTC in Q1 and gaining $17.6 million on the sale of Bitcoin
• Marathon ended the quarter with 11,446 BTC and $124.9 million in unrestricted cash and cash equivalents
Marathon Sees Strong Start to 2023
Marathon Digital Holdings reported quarterly results for its cryptocurrency mining operations on May 10th. After weathering a tumultuous 2022, this year is off to a strong start as the firm grew its hash rate, reduced cost to mine, and improved its balance sheet during the first quarter.
Q1 Results
The mining firm saw $51.1 million in revenue in Q1 2023 and experienced a net loss of $7.2 million this quarter – lower than the net loss of $12.9 million that it saw in the year-ago period. Additionally, Marathon produced 2,195 BTC in Q1 – up 74% from Q1 2022 and up 41% from Q4 2022 – while also gaining $17.6 million on the sale of Bitcoin. The company’s hash rate rose 69% to 15.4 EH/s from 9.1 EH/s in Q4 2022 as well.
Balance Sheet
Marathon ended the quarter with 11,446 BTC and $124.9 million in unrestricted cash and cash equivalents at hand – allowing them to fund their operating costs through sales of Bitcoin when necessary throughout the year ahead .
CEO Statement
Fried Thiel , chairman and CEO of Marathon said: “After weathering a tumultuous 2022 … this year is off to a strong start as we grew our hash rate, reduced our cost to mine, and improved our balance sheet during the first quarter.“
Conclusion
Overall , Marathon had an impressive start to 2023 despite experiencing losses due their increased costs associated with running the business . However , they were able to gain significant profits through their sales of Bitcoin which allowed them to maintain their high production levels throughout the quarter .