Crypto mining company Marathon Digital Holdings on May 2nd reported growth in some areas in its April monthly review.
Marathon produced 702 BTC (currently worth $20 million). This 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 has started powering 10,600 Bitcoin mining devices for the first time at Applied Digital sites in North Dakota. This addition brought the company’s total mining rig collection to 122,900 rigs.
Marathon also said it increased its operational hash rate 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 it aims to reach 23 PE/s by mid-2023.
Marathon then disclosed its financial status and declared unlimited 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 Rises Globally
News of Marathon’s expansion comes with recent reports that the Bitcoin hash rate is growing rapidly.
However, certain events could slow the growth of the industry, at least in the United States. The Biden administration is aiming to impose a 30% tax on miners, while lawmakers in various parts of the United States have proposed local legislation that could potentially limit mining.
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