Bitcoin has always been a volatile asset making significant moves in a relatively brief period of time. Currently, Bitcoin experiencing a solid rise in price due in part to the overall market and the current banking crisis. As it stands now, BTC is trading at around $28,000 – a dramatic increase versus the beginning of 2023 but far off its all-time highs. As a proof-of-work (PoW) cryptocurrency, more BTC continues to enter the market at a diminishing rate.
Marathon Digital Holding, a crypto mining firm, has recently shared its March performance reporting a record amount of Bitcoin minted during the month at 825 BTC.
Marathon Digital shares that as of April 1, Marathon’s operating fleet consisted of approximately 105,200 Bitcoin miners, which generated an increased hash rate of 64% in Q1 2023 to 11.5 EH/s as of March 31, 2023. This led to the record amount of Bitcoin created during March, delivering a 21% increase month over month and a record 2,195 BTC in Q1 2023
Marathon adds that as of April 1, it holds a total of 11,466 BTC, all of which are unrestricted. Marathon reports $124.9 million in unrestricted cash and cash equivalents on its balance sheet at the end of March.
Fred Thiel, Marathon’s chairman and CEO, commented on the performance:
“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.”