The digital marathon set a record
According to Iran Economist, citing Crypto, one of the leading companies in crypto mining, Marathon Digital announced the mining record of 2,195 bitcoins in the first quarter of the year and its assets to 11,466 bitcoins (equivalent to more than 321 million dollars at the current price). increased.
The positive result at the beginning of 2023 contrasted with the performance of the 2022 digital marathon; The company’s mining capacity was crippled by last summer’s massive storm, and having several million of it housed in the troubled Compute North data center caused additional problems.
Fred Thiel, the president and CEO of this organization, said: The first quarter was the most successful with the production of a record 2,195 bitcoins compared to the mining of 1,259 bitcoins in the first quarter of last year and 1,562 bitcoins in the last quarter of 2022.
This helped the company to increase its hash rate to 11.5 exahes (a 64% increase compared to 7.0 exahes at the end of last year). The company aims to have its hash rate reach 23% by mid-2023 by deploying its previously purchased mining equipment.
Thiel added: “During the first quarter of 2023, we have made significant progress in implementing our two main initiatives, which are energizing our previously acquired mining rigs to reach our target of 23 outputs by the middle of this year and optimizing our performance so that We act more effectively and efficiently.
March was a good month for Marathon, during which it mined almost 40% of its total quarterly load (825 Bitcoins). In addition to operational progress, the business unit also improved its financial position. After closing his credit facility with Silvergate Bank, he reduced his debt by $50 million and increased his unlimited bitcoin holdings by 3,132 bitcoins.
Marathon ended the first quarter with approximately $124.9 million in unrestricted cash and cash equivalents and 11,466 bitcoins, giving it a current value of nearly $321 million.
A severe storm that swept through Montana last summer crippled 75 percent of Marathon’s mining fleet and reduced production levels.
Marathon Digital’s CEO stated that it will take time to fully bring miners back online and we are committed to doing everything we can to rebuild our hashrate and improve our Bitcoin production… Apart from this event, construction and installation in Texas is on schedule. It is timed and continued according to the current conditions.
Marathon resumed normal operations in the following months, then encountered another problem; $80 million exposure for Compute North. While it installed and hosted more than 68,000 Bitcoin Marathon mining machines in Texas, it could not turn on 40,000 machines due to regulatory issues. To cope with the rising costs in 2022, the miner abandoned his hodel strategy and sold 1,500 bitcoins in January. The last time it divested some of its assets was in October 2020.
The total value of the global market of digital currencies is currently estimated at 1.20 trillion dollars, which has increased by 2.99% compared to the previous day. Currently, 45.83% of the total digital currency market is owned by Bitcoin, which has decreased by 0.24% in one day.
The total volume of the digital currency market in the last 24 hours is 45.43 billion dollars, which has decreased by 5.99%. The total volume in decentralized finance is currently $4.89 billion, which is 10.76% of the total 24-hour cryptocurrency market volume. The volume of all stablecoins is now $39.74 billion, which is 87.47% of the total 24-hour cryptocurrency market volume.
Digital currency price update (up to 08:40 EST)
This category contains the price changes of the 10 largest digital currencies in terms of market capitalization.
1- Bitcoin
Price: 28 thousand 508.53 dollars
Price changes in the last 24 hours: 2.43% increase
Price changes in the last week: 3.26% increase
2- Ethereum
Price: $1909.04
Price changes in the last 24 hours: 5.77% increase
Price changes in the last week: 6.60% increase
3- Tether
Price: $1.00
Price changes in the last 24 hours: 0.00% decrease
Price changes in the last week: 0.01 percent decrease
4- Binance Coin
Price: $314.08
Price changes in the last 24 hours: 1.46% increase
Price changes in the last week: 0.29% decrease
5- USD coin
Price: $0.9998
Price changes in the last 24 hours: 0.01% increase
Price changes in the last week: 0.01 percent decrease
6- Ripple
Price: $0.5049
Price changes in the last 24 hours: 1.75% increase
Price changes in the last week, 5.70% decrease
7- Cardano
Price: $0.395
Price changes in the last 24 hours: 1.07% increase
Price changes in the last week: 4.66% increase
8 – Dogecoin
Price: $0.09746
Price changes in the last 24 hours: 2.07% increase
Price changes in the last week: 29.89% increase
9- Solana
Price: $21.17
Price changes in the last 24 hours: 3.93% increase
Price changes in the last week: 1.34% increase
10- Polka dot
Price: $6.54
Price changes in the last 24 hours: 2.23% increase
Price changes in the last week: 6.13% increase