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

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

Bitcoin mining firm Marathon Digital Holdings experienced a 670% year-on-year surge in revenue in the third quarter of 2023, driven by a nearly five-fold increase in Bitcoin production.

The results also led Marathon to achieve a quarterly profit, reporting $64.1 million in net income for the third quarter, according to the firm’s Nov. 8 results filing.

The improved financial results were partly attributed to a 467% spike in Bitcoin (BTC) production from 6.7 mined BTC per day in Q3 2022 to 37.9 BTC per day in Q3 2023, along with a 403% increase in Marathon’s energized hashrate over the same timeframe.

Marathon’s boost in hashrate was partly due to its new 27-megawatt hydro-powered mining venture in Paraguay, announced on Nov. 8.

Marathon’s CEO and chairman Fred Thiel noted that the firm’s progress has strengthened its balance sheet ahead of the Bitcoin halving event scheduled for April 2024.

In September, a $417 million note exchange helped reduce Marathon’s long-term debt by 56% and generated over $100 million in cash savings for shareholders.

Meanwhile, Marathon is committed to further increasing its hashrate. The firm is looking to boost its installed hashrate from 23.1 exahashes per second to 26 EH/s and a further 30% in 2024.

Marathon’s (MARA) share price fell 6.9% to $8.55 on Nov. 8 but rebounded 4.3% in after-hours trading following the release of Marathon’s earnings statement, according to Google Finance.

MARA’s change in share price on Nov. 8 (including after-hours trading). Source: Google Finance.