Bitcoin miner Marathon closes 2022 with $103.7 million cash after paying down debt


Bitcoin miner Marathon Digital mentioned that it paid down its revolver borrowings final month, releasing up bitcoin held as collateral and bringing its unrestricted holdings from 4,200 to 7,815 BTC.

On the finish of a troublesome 12 months for the mining business, the corporate held $103.7 million unrestricted in money. Whole bitcoin holdings have been 12,232 BTC.

“Given the macroeconomic uncertainty heading into 2023, we determined to completely pay down excellent balances beneath our revolving credit score settlement,” Marathon CEO Fred Thiel mentioned in an announcement Thursday. Its revolver borrowings totaled $30 million as of Nov. 30.

Mining corporations had confronted a liquidity crunch after months of working at depressed margins, and lots of within the sector have strived to cut back their leverage. Stronghold this week reached a deal to transform $17.9 million of debt into fairness and Core Scientific filed for Chapter 11 chapter with a method to show most of its debt into fairness.

Hash charge

Marathon closed out the 12 months with a hash charge of seven EH/s, which it nonetheless expects to develop to 23 EH/s by mid-2023.

The corporate started an immersion-cooled pilot challenge in November. Its preliminary findings counsel it might cut back capital expenditure on servers by roughly 10% versus conventional air-cooled setups and virtually 7% in comparison with single-phase immersion methods, in accordance with the assertion.

“Whereas it stays to be seen if such enhancements in efficiency will be persistently replicated and applied at scale, the Firm is inspired by these preliminary outcomes and their capacity to doubtlessly enhance Marathon’s aggressive benefits,” the corporate mentioned.

In December, Marathon expanded an settlement with internet hosting supplier Utilized Digital to incorporate 12,000 machines set to return on-line subsequent month, pending regulatory approval to energise.

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