Marathon mined $20M Bitcoin in April and increased hash rates, BTC holdings
The firm produced 702 BTC last month, down from its record of 825 BTC.
Crypto mining firm Marathon Digital Holdings on May 2 reported growth in some areas during its monthly review for April.
Marathon produced 702 BTC (currently worth $20 million). That amount, measured in Bitcoin, represents a 134% year-over-year increase but a decrease from March, when Marathon mined a record 825 BTC.
More hashrate added
The company added that it began to power 10,600 Bitcoin mining devices at Applied Digital’s locations in North Dakota for the first time. This addition increased the company’s total collection of mining devices to 122,900 devices.
Marathon also said that it increased its operational hashrate by 22% to 14 exahashes per second (EH/s) and increased its installed hash rate by 16% to 17.9 EH/s in April. The company said that it aims to reach 23 EH/s by mid-2023.
Marathon then disclosed its financial standing and reported unrestricted Bitcoin holdings of 11,568 BTC ($319.2 Million). This represents an increase in its holdings despite the fact that the company sold 600 BTC in April and plans to sell more in the future.
The company reported $123.5 million in unrestricted cash and cash equivalents.
Bitcoin hash rate is rising overall
News of Marathon’s expansion comes alongside recent reports that the Bitcoin hash rate is increasing rapidly.
However, some events could slow the industry’s growth, at least in the U.S. The Biden administration aims to impose a 30% tax on miners, while lawmakers in various parts of the U.S. have proposed local legislation that could potentially limit mining.