Bitcoin mining company Marathon Digital Holdings produced a record 1,562 BTC in Q4, and 475 in December 2022. In a press release on January 5, the Las Vegas-based company said it produced 4,144 BTC in 2022. and 475 in December. As of December 31, Marathon Digital has unrestricted cash to the tune of $103.7 million and 7815 BTC.
“Despite challenges earlier in the year, we doubled our hash rate to 7.0 exahashes per second year-over-year, with a majority of it now located at the King Mountain wind farm in West Texas. We finished the year with one of our most productive quarters to date, producing 1,562 bitcoin in the fourth quarter,” said Fred Thiel, Marathon’s Chairman and CEO.
Two days before the December update, Marathon Digital (MARA) price surged an impressive 37% on Wednesday. Opening the week at $3.94, MARA achieved the 5-day high of $4.28 on Wednesday before closing at $4.09 on Friday.
Given the current macroeconomic uncertainty, the company said it took steps to improve its liquidity position. To this end, it paid up all revolving credit outstanding and freed up bitcoins held as collaterals. This resulted in its BTC holdings increasing from 4200 to 7815, worth approximately $129.3 million, as of December 31. The company finished the year with $103.7 million in cash on hand, it added.
“As we enter 2023, we remain confident in our ability to scale Marathon into one of the largest and most energy-efficient Bitcoin mining operations globally. We have thousands of miners ready to be energized over the coming months, which we expect to more than triple our current production capacity to approximately 23 exahashes by mid-year,” Marathon added in its PR.
