Marathon Digital sold 650 BTC in February

Mining company Marathon Digital sold 650 BTC in February to cover part of the costs.

$MARA‘s February Production Update is here:

– Energized 18,800 Additional #Bitcoin Miners
– Increased Hash Rate 30% to 9.5 EH/s
— Prod. 683 BTC and 1,370 BTC QTD

— Unrestricted Cash to $219.7M
— Unrestricted BTC to 8,260 #BTC

Read the full report: https://t.co/derIxm73bP

— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) March 2, 2023

“Even with these sales, we have increased our unlimited holdings from 8,090 BTC as of January 31, 2023 to 8,260 BTC worth $191.2 million as of February 28, 2023,” the company said.

In total, the company holds 11,392 BTC. In February, Marathon mined 683 BTC. The hash rate increased by almost 30% to 9.5 EH/s.

According to the report, the firm successfully launched almost 19,000 mining rigs last month, more than 8,000 of which are Bitmain S19 XP models. This type of device is expected to generate about 66% of the company’s hashrate in the future.

“[…] the main task this year is to activate more miners and optimize the performance of our fleet. We remain confident in our ability to transform Marathon into one of the largest and most energy efficient bitcoin mining operators in the world, reaching the 23 EH/s compute power milestone by mid-2023,” added CEO Fred Thiel.

As a result of trading on March 2, the company’s shares fell 3.8% to $6.26. Quotes fell 4.15% in premarket trading, reflecting the negative reaction to the publication of financial statements.

Earlier, FactSet analysts predicted a threefold increase in Marathon Digital’s revenue. According to calculations, in the fourth quarter of 2022, its income will reach $38.4 million.

Recall that the mining company Riot reported revenue of $259 million for 2022.

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