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Quarterly record for Bitcoin miners

The mining industry is coming out of the crisis. Marathon Digital posts an exceptionally successful quarter with 2,195 Bitcoins mined.

By Mike Hesp
• 2 min read
Quarterly record for Bitcoin miners

The mining industry is emerging from the crisis. With 2,195 Bitcoins mined, Marathon Digital posted an exceptionally successful quarter.

Marathon Digital mined 825 Bitcoins in March. In the first quarter, the miner mined a total of 2,195 BTC — a company record.

The rise in mined Bitcoin is thanks to Marathon's 64 percent increase in operating hashrate. Since January 1, the company has boosted its mining output from 7.0 exahashes per second (EH/s) to 11.5 EH/s.

"Beyond our operational progress, we have also improved our financial position during the quarter," Marathon CEO Fred Thiel said in a press release.

According to the statement, Marathon "reduced its debt by $50 million" and "increased its unrestricted Bitcoin holdings by 3,132 BTC," he adds.

The decline in Bitcoin price and rising electricity costs have hit the mining industry hard over the past year. In recent weeks, the situation has lightened somewhat.

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