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Crypto mining firm Marathon Digital Holdings published its February operations report on March 2, outlining its finances and hashrate data for the past month.
Marathon has $410 million of unrestricted assets
In its report, Marathon said it increased its unrestricted cash to $219.7 million and increased its unrestricted Bitcoin (
$64,232.00 ) holdings to 8,260 BTC ($191.2 million). Together, those two groups of assets amount to $410 million of unrestricted holdings.
The company reported additional restricted assets amounting to 3,132 BTC and $8.8 million cash, bringing its total assets to 11,392 BTC and $228.5 million in cash.
Marathon produced 683 BTC in February and 1,370 BTC this quarter to date. The company sold 650 BTC in February but raised its unrestricted Bitcoin ( $64,232.00 ) holdings.
The company also reached a hash rate of 9.5 exahashes by powering 19,000 devices, representing an increase of 30% between January and February. The company said its daily Bitcoin ( $64,232.00 ) output was 10% higher in February than in January.
Marathon plans to increase its mining power by adding 23 exahashes this summer.
Company postponed its 10-K filing
On Feb. 27, Marathon told the SEC that it would delay its 10-K filing due after learning that its method of calculating impairment on Bitcoin ( $64,232.00 ) was improper.
The fact that the company operated a Bitcoin ( $64,232.00 ) mining pool containing third-party participants also required changes to the company’s 10-K filing. The company is expected to submit its 10-K filing within a 15-day extension period.
Competing mining firm Riot Blockchain reported financial results Thursday and said it saw $259 million of total revenue in 2022. Riot similarly said that it would delay its annual 10-K filing due to its method of calculating impairments on Bitcoin ( $64,232.00 ) .
Silvergate Bank also delayed its 10-K filing this week, leading several companies to distance themselves from the firm — though its delay is primarily due to regulatory probes.
The price of Marathon stock (MARA) is down 3.84% over the past 24 hours as of 2:45 a.m. on March 3. The price of the stock is up 1.12% after hours.
