Marathon Digital posted a quarterly record 2,195 Bitcoin traps in Q1
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With a new daily product record, Marathon Digital is now on track to meet its mid-year target of 23 exahashes.
Bitcoin BTC drops $28,614 Marathon Digital miners have reported a daily record of 2,195 BTC traps during the first quarter of 2023, currently valued at around $62 million.
Marathon reported in its April 3rd update that the 195 BTC trapped was a 74% increase from the first quarter last time and a 41% increase from Q4 2022.
It comes in the opposite of miners adding to their functional hash rate of 195% from Q1 2022.
Marathon also recorded an annual record 825 BTC traps in March — currently valued at around $23.3 million — and marks a 21 product increase from February.
In a statement, CEO Fred Thiel said Marathon made “significant progress” in executing two of its key companies for 2023 — to upgrade previously purchased mining equipment to reach 23 exahash by the end of alternate quarters and to optimize performance.
Its stance is now on target, having increased its functional hash rate from a 7.0 exe hash rate in Jan. 1 to 11.5 exahash as of March 31st.
Marathon’s operations attribute increased effectiveness to bringing 25,900 online Bitcoin miners housed in colorful installations in North Dakota, bringing its path to 105,200 mining equipment as of April 1.
Marathon said its functional progress wiped out part of its balance sheet by writing off $50 billion in debt in addition to repaying its loan to the now defaulting Silvergate Bank.
“ We reduced our debt by $50 million and increased our unlimited Bitcoin effect by 3,132 Bitcoins after we replaced our term loan and stopped our credit installation with Silvergate Bank. ”
The establishment finished the quarter with approximately $124.9 million in unlimited cash and cash equivalents, and 11,466 BTC, which is equivalent to over $450 million.
Marathon noted the numbers had not been checked.
Marathon expects a functional advantage to continue buying a new batch of Antminer S19 XP Bitcoin mining equipment which is said to be nearly 30% more effective than the Antminer S19 Pro.
Once that miner is installed, roughly 66 Marathon hash rates will come from the S19 XPs, he says.
The design of the S19 XPs is still being blamed by fellow Bitcoin mining company Compass Mining.
In a March report, the establishment attributed “three excretions” to the new S19 that could cause mining trains to overheat, or in some cases, shut down completely.
The post Marathon Digital posted a quarterly record of 2,195 Bitcoin traps in Q1 first appearing on BTC Wires.
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