In an exceptional quarter, Marathon Digital Holdings, a leading Bitcoin mining company, has reported impressive financial results for the third quarter of 2023.
The company recorded a 670% increase in revenue compared to the same period last year, leading to a net profit of $64.1 million.
This result marks a substantial change, since in the same quarter of the previous year, the company had reported a net loss of $72.5 million.
Marathon’s Q3 Earnings Release is here:
– Revenue of $97.8M, due to 467% increase in #Bitcoin production and higher BTC prices.
– Adjusted EBITDA improves to $43.7M.
– 8% increase in hash rate; expanding with hydro-powered ventures in Paraguay.
– Long-term debt reduced by 56%,…
— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) November 8, 2023
The growth in revenue was largely due to a 467% increase in Bitcoin production in the third quarter of 2023.
The company went from producing 6.7 Bitcoins per day in the third quarter of 2022, to 37.9 Bitcoins per day in the same period of 2023.
Furthermore, Marathon’s hash rate increased by 403% in the same period, reaching 19.1 exahashes per second.
THIS GROWTH OF MARATHON WAS DRIVEN BY HYDROELECTRIC PROJECTS IN PARAGUAY
This initiative represented an innovative approach towards cryptocurrency mining by utilizing hydroelectric power, a renewable and sustainable energy source.
The adoption of more environmentally friendly energy sources is an important step in the direction of more sustainable and responsible Bitcoin mining, marking Marathon’s commitment to energy efficiency and reducing its environmental footprint in the mining industry cryptocurrencies.
Marathon President and CEO Fred Thiel highlighted the “significant progress” made by the company in the third quarter, underscoring that they have strengthened their financial position ahead of the Bitcoin Halving event scheduled for April 2024.
Additionally, the company reduced its long-term debt by 56% through a $417 million note exchange in September, generating more than $100 million in cash savings for shareholders.
Looking ahead, Marathon Digital Holdings plans to continue increasing its hash rate and hopes to reach 26 exahashes per second by the end of 2023.
Additionally, they project an additional 30% increase in their hash rate in 2024.
This demonstrates the company’s commitment to continued growth and its position as one of the largest and most energy-efficient Bitcoin mining operations globally.