Marathon mined $20 million worth of bitcoin in April, increasing hash rates and BTC holdings

Crypto mining company Marathon Digital Holdings reported growth in some areas during its monthly review for April on May 2.

Marathon produced 702 BTC (currently worth $20 million). That amount, measured in bitcoin, represents a 134% year-over-year increase, but down from March, when Marathon mined a record 825 BTC.

Added more hashrate

The company added that it has first begun powering 10,600 bitcoin mining rigs at Applied Digital’s North Dakota sites. This addition increased the company’s total collection of mining rigs to 122,900 rigs.

Marathon also said it increased its operational hash rate by 22% to 14 exahashes per second (EH/s) and its installed hash rate by 16% to 17.9 EH/s in April. The company aims to reach 23 EH/s by mid-2023.

Marathon then disclosed its financial position, reporting unrestricted bitcoin holdings of 11,568 BTC ($319.2 million). This represents an increase in its holdings, although 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 is increasing overall

The news of Marathon’s expansion comes along with recent reports that the Bitcoin hash rate is increasing rapidly.

However, some events could slow the growth of the industry, at least in the US. The Biden administration intends to impose a 30% tax on miners, while lawmakers in different parts of the US have proposed local laws that could potentially restrict mining.

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