Bitcoin mining company Marathon Digital Holdings’ revenue increased by 670% annually in the third quarter of 2023, and Bitcoin production increased nearly fivefold.
Results showed that Marathon also achieved a quarterly profit, with third-quarter net profit of $64.1 million. according to The company’s earnings report on November 8th.
The company attributed the improved financial performance in part to a 467% surge in Bitcoin (BTC) production, from 6.7 BTC mined in the third quarter of 2022 to 37.9 BTC in the third quarter of 2023. Likewise, Marathon’s active hash rate grew by 403% during the same time period.
Marathon’s third quarter financial results are released as follows:
– Revenue of $97.8 million due to 467% growth #bitcoin production and higher Bitcoin prices.
– Adjusted EBITDA increased to $43.7 million.
– 8% increase in hash rate; expansion of Paraguay’s hydroelectric company.
– Long-term debt reduced by 56%,…— Marathon Digital Holdings, Inc. (NASDAQ: MARA) (@MarathonDH) November 8, 2023
Marathon’s computing power increase is partly due to its new 27-megawatt hydroelectric mining operation in Paraguay, which declare November 8.
Marathon CEO and Chairman Fred Thiel said the “significant development” will help strengthen the company’s balance sheet ahead of the Bitcoin halving event in April 2024.
Thiel noted that the $417 million note exchange completed in September successfully reduced Marathon’s long-term debt to 56% and saved shareholders more than $100 million in cash, adding:
“At the end of the quarter, our cash and Bitcoin holdings combined exceeded debt for the first time in two years.”
At the same time, Marathon remains committed to increasing its computing power in the short to medium term.
Its current installed computing power is 23.1 exahashes per second, but the company hopes to increase this to 26 EH/s in 2024 and a further 30% increase.
related: Marathon, Riot are the most overvalued Bitcoin mining stocks: report
On November 8, Marathon (MARA) shares fell 6.9% to $8.55, but rebounded 4.3% in after-hours trading after the release of Marathon’s profit report. according to Go to Google Finance.
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