US-based Bitcoin mining company Marathon Digital, recently appointed by the Kenyan government as an advisor on cryptocurrencies and mining, made a profit of $337 million in the Q1.

Marathon, which mined 2811 Bitcoins as of the first quarter of 2024, was 184% higher than the same period last year. Company revenues also increased by 223% compared to the first quarter of 2023.

“With the expansion capacity we have gained from our recent acquisitions, with 45 additional exahash of capacity available to us between current orders and options, and with $1.6 billion of liquidity, we are now targeting 50 exahash of energized hash rate by the end of 2024,” the statement said.

1 part of 4 sold

Marathon Digital also reported that it sold 1 in 4 of the mined Bitcoins for operational costs. The company’s capital of $1.6 billion includes cash, cash equivalents and Bitcoin.