Bitcoin miner Marathon Digital, despite the negative events and market conditions experienced last year, closed the year 2022 well.
Marathon Digital Has Paid Off Its Debts
Marathon Digital closed its debts in December and released 3615 Bitcoins that it had been holding as collateral. Marathon CEO Fred Thiel said:
“Given the macroeconomic uncertainty heading into 2023, we decided to fully pay down outstanding balances under our revolving credit agreement.”
The unfortunate events and bear market in 2022 greatly damaged the earning rates of bitcoin miners. Many mining companies worked with low profit margins as a result of the events in 2022 and experienced a liquidity crunch. While many companies filed for bankruptcy in 2022, Marathon Digital closed the year with $103.7 million in cash.
Hash Rate
The hash rate that directly affects Bitcoin production is very important for all bitcoin mining companies, including Marathon Digital. The company plans to increase the hash rate from 7 EH/s, which it closed this year, to 23 EH/s by the middle of 2023.
One of the biggest issues of Bitcoin miners is energy efficiency. The company started an immersion-cooled mining system in November 2022. according to the findings gathered in 1 month, it was observed that the new system provides a capital saving of 10% compared to traditional air-cooled systems and 7% compared to single-phase immersion systems. Marathon Digital said:
“While it remains to be seen if such improvements in performance can be consistently replicated and implemented at scale, the Company is encouraged by these preliminary results and their ability to potentially increase Marathon’s competitive advantages.”
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