Marathon Digital Mined 2,811 Bitcoins in Q1 2024

In the first quarter of this year, Marathon Digital reported that it mined 2,811 Bitcoins, which is equivalent to $176 million based on current prices, as stated in their earnings report.

This significant profit increase of 184%, in comparison to the same period last year, was due to the record-breaking high of Bitcoin prices.

The company’s revenues increased by 223%, reaching $165.2 million. With the recent acquisitions and expansion capacity, including an additional 45 exahash of capacity, and a total liquidity of $1.6 billion, Marathon Digital’s goal is to reach 50 exahash of energized hash rate by the end of 2024.

The company also mentioned that 26% of the Bitcoin it mined during this quarter was sold to cover operating costs. Additionally, their capital reserves, consisting of cash, cash equivalents, and Bitcoin, reached $1.6 billion, according to their statement.