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Marathon Digital Releases Q1Result, Generating 1,259 BTC with YoY Increase of 556%

Written by James Smith

Marathon Digital Holdings, Inc, one of the largest bitcoin mining companies in North America, announced that its bitcoin production output increased by 556% year-over-year to 1,259 BTC for the first quarter of 2022.

Marathon Digital Holdings said revenue rose to $51.7 million in the first quarter of 2022, a 465% increase from the same period last year.

A record 1,259 bitcoins were produced in the first quarter of 2022, an increase of about 15% from the 1,098 bitcoins produced in the previous quarter.

The company said it had about 6,320 bitcoins as of April 30, all of which were self-mined by the company.

The company stated that the focus in 2022 remains on deploying miners and hopes to bring the backlog of miners back into production by the end of the year, reaching a score of 23.3 EH/s in 2023.

Marathon Digital is deploying nearly 200,000 miners for 100% carbon neutral mining.

Fred Thiel, chairman and CEO of Marathon, said that:

“In the first quarter of 2022, we increased our bitcoin production 556% year-over-year and 15% from the prior quarter, producing a record 1,259 bitcoin even as the global hash rate rose by approximately 17% in the same period.”

The company also revealed that it has currently deployed around 36,830 miners with a hash rate of 3.9 exhas per second (EH/s).

Marathon Digital Holdings, a Nasdaq-listed bitcoin mining company based in Las Vegas, announced that it ordered 78,000 Antminer S19 XP bitcoin mining machines worth $879.06 million from Bitmain.

Image source: Shutterstock

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