Bitcoin mining agency Marathon Digital Holdings noticed its revenue surge 670% year-on-year in the third quarter of 2023, amid an almost five-fold enhance in Bitcoin production.
The outcomes noticed Marathon additionally swing to a quarterly revenue, with $64.1 million of web earnings in the third quarter, according to the agency’s Nov. 8 outcomes submitting.
The agency partly attributed the improved monetary outcomes to a 467% spike in Bitcoin (BTC) production from 6.7 mined BTC per day in Q3 2022 to 37.9 BTC per day in Q3 2023. Similarly, Marathon’s energized hashrate boosted 403% over the identical timeframe.
Marathon’s Q3 Earnings Release is right here:
– Revenue of $97.8M, as a consequence of 467% enhance in #Bitcoin production and better BTC costs.
– Adjusted EBITDA improves to $43.7M.
– 8% enhance in hash fee; increasing with hydro-powered ventures in Paraguay.
– Long-term debt diminished by 56%,…— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) November 8, 2023
Part of Marathon’s increase in hashrate got here from its new, 27-megawatt hydro-powered mining enterprise in Paraguay, which it announced on Nov. 8.
Marathon’s CEO and chairman Fred Thiel stated the “significant progress” has helped strengthen the firm’s balance sheet forward of the Bitcoin halving event scheduled for April 2024.
A $417 million observe trade accomplished in September managed to cut back Marathon’s long-term debt to 56% and in doing so captured over $100 million in money financial savings for shareholders, Thiel famous, including:
“For the first time in two years, our combined cash and bitcoin holdings exceeded our debt at the quarter’s end.”
Meanwhile, Marathon stays dedicated to growing its hashrate in the brief to mid-term.
Its put in hashrate presently sits at 23.1 exahashes per second however the agency is seeking to increase that to 26 EH/s and an additional 30% in 2024.
Related: Marathon, Riot among most overvalued Bitcoin mining stocks: Report
Marathon’s (MARA) share value fell 6.9% to $8.55 on Nov. 8 however rebounded 4.3% in after-hours buying and selling following the discharge of Marathon’s earnings assertion, according to Google Finance.
Magazine: How to protect your crypto in a volatile market: Bitcoin OGs and experts weigh
