December 4, 2023

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Marathon Digital reports 670% increase in revenue in Q3

Marathon Digital reports 670% increase in revenue in Q3

Bitcoin mining company; Marathon Digital Holding saw its revenue increase 670% year-on-year in the third quarter of 2023, amid a nearly five-fold increase in Bitcoin production.

The results also led Marathon to achieve quarterly profits, with net income reaching $64.1 million in the third quarter. according to The company’s results were presented on November 8.

The company attributed the improved financial results in part to a 467% increase in Bitcoin production. (btc)rising from 6.7 BTC mined in Q3 2022 to 37.9 BTC in Q3 2023. Likewise, Marathon’s active hash rate increased by 403% in the same time period.

Part of the increase in Marathon’s hashrate came from a new 27MW hydro mining project in Paraguay, which was announced on November 8.

Fred Thiel, Marathon’s CEO and chairman, said the “significant progress” helped bolster the company’s balance sheet ahead of the Bitcoin halving event scheduled for April 2024.

Thiel noted that the $417 million note swap completed in September was able to reduce Marathon’s long-term debt by 56%, thus capturing more than $100 million in cash savings for shareholders, adding:

“For the first time in two years, our combined cash and bitcoin assets exceeded our debt at the end of the quarter.”

At the same time, Marathon remains committed to increasing its hash rate in the short and medium term.

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The currently proven hash rate is 23.1 exahashes per second, but the company is looking to increase it to 26 exahashes/sec and an additional 30% in 2024.

Marathon’s (MARA) stock price fell 6.9% to $8.55 on November 8, but rebounded 4.3% in after-market trading after Marathon’s earnings announcement. according to Google financing.

Change in MARA stock price on November 8 (including trading after market close). Source: Google Finance.

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