Marathon Digital (NASDAQ:MARA) recorded 687 bitcoin production in January 2023, up 45% from 475 bitcoin produced in December 2022.
Average bitcoin produced per day was 22.1 in January 2023 vs. 14.9 in December 2022.
The company still expects to have approximately 23 EH/s of capacity installed near the middle of 2023.
The company ended the month with $133.8M in unrestricted cash on hand.
Fred Thiel, chairman and CEO commented, “The improvement in our bitcoin production was primarily a result of our team’s ability to work in tandem with the new hosting provider in McCamey, Texas, to address the maintenance and technical issues at the King Mountain data center that had suppressed our bitcoin production in the fourth quarter of 2022. We believe the improvements in our operational efficiency, along with the proactive measures we have taken to strengthen our balance sheet, have placed Marathon in a strong position to achieve our growth and operational targets in 2023.”
Stock down 5.6% during after-hours.
