Marathon Digital sees 670% revenue gain in Q3 as Bitcoin production surges

Bitcoin mining steadfast Marathon Digital Holdings saw its gross surge $670% year-on-year successful the 3rd 4th of 2023, amid a astir five-fold summation successful Bitcoin production.

The results saw Marathon besides plaything to a quarterly profit, with $64.1 cardinal of nett income successful the 3rd quarter, according to the firm’s Nov. 8 results filing.

The steadfast partially attributed the improved fiscal results to a 467% spike successful Bitcoin (BTC) accumulation from 6.7 mined BTC successful Q3 2022 to 37.9 BTC successful Q3 2023. Similarly, Marathon’s energized hashrate boosted 403% implicit the aforesaid timeframe.

Marathon’s Q3 Earnings Release is here:
- Revenue of $97.8M, owed to 467% summation successful #Bitcoin accumulation and higher BTC prices.
- Adjusted EBITDA improves to $43.7M.
- 8% summation successful hash rate; expanding with hydro-powered ventures successful Paraguay.
- Long-term indebtedness reduced by 56%,…

— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) November 8, 2023

Part of Marathon’s boost successful hashrate came from its new, 27-megawatt hydro-powered mining task successful Paraguay, which it announced connected Nov. 8.

Marathon’s CEO and president Fred Thiel said the “significant progress” has helped fortify the firm’s equilibrium sheet up of the Bitcoin halving event scheduled for April 2024.

A $417 cardinal enactment speech completed successful September managed to trim Marathon’s semipermanent indebtedness to 56% and successful doing truthful captured implicit $100 cardinal successful currency savings for shareholders, Thiel noted, adding:

“For the archetypal clip successful 2 years, our combined currency and bitcoin holdings exceeded our indebtedness astatine the quarter's end.”

Meanwhile, Marathon remains committed to expanding its hashrate successful the abbreviated to mid-term.

Its installed hashrate presently sits astatine 23.1 exahashes per 2nd but the steadfast is looking to boost that to 26 EH/s and a further 30% successful 2024.

Related: Marathon, Riot among astir overvalued Bitcoin mining stocks: Report

Marathon’s (MARA) stock terms fell 6.9% to $8.55 connected Nov. 8 but rebounded 4.3% successful after-hours trading pursuing the merchandise of Marathon’s net statement, according to Google Finance.

MARA’s alteration successful stock terms connected Nov. 8 (including after-hours trading). Source: Google Finance.

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