Marathon Digital Holdings, Inc. (NASDAQ:MARA), one of the largest publicly traded bitcoin miners, has released unaudited updates on Bitcoin ("BTC") production and miner installation for February 2023.

According to the statement, Marathon Digital opted to sell 650 bitcoins out of 683 bitcoins it mined in February. 

Regarding operations, Marathon announced that it had increased its computing power to 14 exahash per second (EH/s) by the end of February, up from 11 EH/s the previous month. The company aims to reach 23 EH/s in mid-2023. According to the statement, the company had $219.7 million in unrestricted cash at the end of the month.

“We successfully energized nearly 19,000 Bitcoin miners across multiple facilities in February, with over 8,000 of these units consisting of S19 XPs,” said Fred Thiel, Marathon’s chairman and CEO. “During the month, we increased our hash rate to 9.5 exahashes, a 30% increase from the prior month. We also increased our average bitcoin produced per day by 10% compared to January, producing 683 bitcoin in February.

“We opted to sell 650 bitcoin this month to offset operating expenses and for general corporate purposes. Even with these sales, we increased our unrestricted bitcoin holdings from 8,090 bitcoin as of January 31, 2023, to 8,260 bitcoin, valued at $191.2 million as of February 28, 2023. Additionally, we increased our unrestricted cash on hand to $219.7 million.

“To continue advancing our operations and improve efficiency, our primary focus this year is to energize more miners and to optimize our fleet’s performance. We remain confident in our ability to scale Marathon into one of the largest and most energy efficient Bitcoin mining operations globally by installing approximately 23 exahashes of computing power near the middle of 2023.”