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Marathon sees $51M revenue, 74% YOY increase in Bitcoin output in Q1
The mining firm's CEO said this year is starting strong after a "tumultuous 2022."
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Marathon Digital Holdings reported quarterly results for its cryptocurrency mining operations on May 10.
Fried Thiel, chairman and CEO of Marathon, said:
“After weathering a tumultuous 2022 … this year is off to a strong start as we grew our hash rate, reduced our cost to mine, and improved our balance sheet during the first quarter.”
Marathon said it saw $51.1 million in revenue in Q1 2023, down from $51.7 million in Q1 2022. The company saw a net loss of $7.2 million this quarter, lower than the net loss of $12.9 million that it saw in the year-ago period.
The company produced 2,195 BTC in Q1, up 74% from Q1 2022 and up 41% from Q4 2022. The company's hash rate rose 69% to 15.4 EH/s from 9.1 EH/s in Q4 2022.
Marathon added that it gained $17.6 million on the sale of Bitcoin. The firm said in previous reports that it would sell Bitcoin to fund operating costs.
The company ended the quarter with $124.9 million in unrestricted cash and cash equivalents and 11,446 BTC valued at $326.5 million on March 31.
Also this month, Marathon published its monthly results and announced plans to launch a joint mining operation with Zero Two in Abu Dhabi.
