Marathon sees $51M income, 74% YOY enhance in Bitcoin output in Q1

by Cryptospacey

Marathon Digital Holdings reported quarterly outcomes for its cryptocurrency mining operations on Could 10.

Fried Thiel, chairman and CEO of Marathon, stated:

“After weathering a tumultuous 2022 … this yr is off to a powerful begin as we grew our hash fee, decreased our price to mine, and improved our stability sheet throughout the first quarter.”

Marathon stated it noticed $51.1 million in income in Q1 2023, down from $51.7 million in Q1 2022. The corporate noticed a internet lack of $7.2 million this quarter, decrease than the online lack of $12.9 million that it noticed within the year-ago interval.

The corporate produced 2,195 BTC in Q1, up 74% from Q1 2022 and up 41% from This autumn 2022. The corporate’s hash fee rose 69% to fifteen.4 EH/s from 9.1 EH/s in This autumn 2022.

Marathon added that it gained $17.6 million on the sale of Bitcoin. The agency stated in earlier stories that it might promote Bitcoin to fund working prices.

The corporate ended the quarter with $124.9 million in unrestricted money and money equivalents and 11,446 BTC valued at $326.5 million on March 31.

Additionally this month, Marathon revealed its month-to-month outcomes and introduced plans to launch a joint mining operation with Zero Two in Abu Dhabi.

The put up Marathon sees $51M income, 74% YOY enhance in Bitcoin output in Q1 appeared first on CryptoSlate.

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