Marathon Digital sees 670% revenue gain in Q3 as Bitcoin production surges
Marathon announced a 467% increase in Bitcoin production year-on-year in the third quarter, while hashrate rose over 400% in the same timeframe.
Bitcoin mining firm Marathon Digital Holdings saw its revenue surge $670% year-on-year in the third quarter of 2023, amid a nearly five-fold increase in Bitcoin production.
The results saw Marathon also swing to a quarterly profit, with $64.1 million of net income in the third quarter, according to the firmâs Nov. 8 results filing.
The firm partly attributed the improved financial results to a 467% spike in Bitcoin (BTC) production from 6.7 mined BTC in Q3 2022 to 37.9 BTC in Q3 2023. Similarly, Marathonâs energized hashrate boosted 403% over the same timeframe
Part of Marathonâs boost in hashrate came from its new, 27-megawatt hydro-powered mining venture in Paraguay, which it announced on Nov. 8.
Marathonâs CEO and chairman Fred Thiel said the âsignificant progressâ has helped strengthen the firmâs balance sheet ahead of the Bitcoin halving event scheduled for April 2024.
A $417 million note exchange completed in September managed to reduce Marathonâs long-term debt to 56% and in doing so captured over $100 million in cash savings for shareholders, Thiel noted, adding:
âFor the first time in two years, our combined cash and bitcoin holdings exceeded our debt at the quarter's end.â
Meanwhile, Marathon remains committed to increasing its hashrate in the short to mid-term.
Its installed hashrate currently sits at 23.1 exahashes per second but the firm is looking to boost that to 26 EH/s and a further 30% in 2024.