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Seeking Alpha 2023-03-02 22:46:33

Marathon Digital bitcoin output slips in February, hash rate increases 30%

Marathon Digital ( NASDAQ: MARA ) said Thursday it produced 683 bitcoin ( BTC-USD ) in February, down 0.6% from January, while the cryptocurrency miner increased its hash rate by 30% M/M to 9.5 EH/s. Shares of Marathon ( MARA ), which ended 3.8% lower on Thursday, inched up 1% after hours. The company mined 1.37K bitcoin ( BTC-USD ) quarter-to-date and increased its average BTC produced per day in February by 10% sequentially. Marathon ( MARA ) energized ~18.8K bitcoin miners during the month. The company sold 650 bitcoin in February to offset operating costs and for general corporate purposes. Its unrestricted BTC holdings increased 2.1% from the previous month to 8,260 BTC as of February-end, valued at ~$191.2M. Its unrestricted cash on hand increased to $219.7M. Once all of Marathon's ( MARA ) miners bought earlier are installed, ~66% of its hash rate is expected to be generated by S19 XPs. It still expects to have ~23 EH/s capacity installed towards mid-2023. "To continue advancing operations and improve efficiency, our primary focus this year is to energize more miners and to optimize our fleet's performance," said CEO Fred Thiel. Earlier, Marathon ( MARA ) said it will restate its 2021 and 2022 results due to accounting errors .

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