• Marathon Digital Holdings (NASDAQ:MARA) mined a record 2,195 Bitcoin (BTC) in Q1 2023.
• 41% of that (825 BTC) was mined in March.
• CEO Fred Thiel says the company is confident it will reach its primary growth targets.

Marathon Digital Holdings (NASDAQ:MARA) has announced its best quarterly performance in terms of Bitcoin mining returns in Q1 2023. The miner’s total BTC holdings jumped by a record 2,195 Bitcoin, with hashrate increasing by over 60% during the quarter.

The highlight of the quarter was March, with 825 Bitcoin mined – 41% of the total number of BTC mined in the quarter. This is a 21% increase compared to the total number of BTC mined in February. According to Marathon Digital CEO Fred Peter, the uptick in production came as the company increased its hashrate after a difficult 2022.

Marathon Digital Experiences Record Mining Output in Q1 2023

Commenting on the report, Peter said:

“During the quarter, we increased our operational hash rate 64% from 7.0 exahashes to 11.5 exahashes. We also observed improvements in the consistency of our hash rate, which indicates that some of the technological upgrades we have been implementing are starting to take effect. By improving our hash rate, we increased our bitcoin production 41% from the prior quarter to a record 2,195 bitcoin in Q1. In March, we produced a record 825 bitcoin, which is a 21% increase from the prior month.”

At the end of Q1, Marathon held 11,466 bitcoin – worth approximately $326.5 million – and had $124.9 million in unrestricted cash and cash equivalents. Peter expressed confidence that the company will reach its primary growth targets, stating:

“Given the operational and financial improvements we made during the first quarter, we remain optimistic that we can achieve our primary growth targets and establish Marathon as one of the largest and most energy efficient Bitcoin mining operations globally.”