U.S.-based Bitcoin mining behemoth Marathon Digital has published its quarterly earnings report and has beaten analyst predictions by a good margin.
Paradoxically, Marathon’s stock price dipped shortly after the announcement. This is, however, likely a temporary blip.
Stunning Financial Results
Although Marathon Digital was not necessarily in trouble last year, the crypto winter definitely put a bit of a damper on its plans, as did the SEC, who targeted the firm among a slew of other companies.
However, Marathon Digital has since recovered. Earlier this year, it reported that its Bitcoin production rate had tripled when compared to 2022. Since then, the company’s results have only gotten better.
Marathon Digital is now proud to report a total EBITDA for 2023 of $419.9 million. To put this into perspective, the company contended with a loss of $543.4 million in 2022. With debt also reduced by 56%, the miner can also boast of net revenues of $261.2 million.
On the technical side of things, Marathon Digital increased its Bitcoin production rate by 210% and reached an energized hash rate of 24.7 EH/s, up 253% compared to 2024.
“2023 was a record-breaking year for Marathon, during which we achieved our primary objectives of energizing our fleet of previously purchased mining rigs and optimizing our performance,” said Marathon’s CEO and chairman, Fred Thiel.
Indeed, Marathon Digital’s production capacity increase was partly due to its mining fleet efficiency improving by 21%, going from 30.9 J/TH (joules per terrahash) to 24.5. Once all technical indicators were accounted for, the company’s mining fleet produced a total of 12,852 Bitcoin.
Plans for the Future
Although the firm had outstanding results over the past year – particularly in the final quarter – CEO Fred Thiel states that this is only the beginning of a good run.
“In 2024, we plan to grow our hash rate to approximately 35 to 37 exahash. By the end of 2025, we plan to be at 50 exahash, which is approximately double our current capacity. […] Given our momentum, our strong balance sheet, and the differentiators we are building with our technology stack, we are optimistic that the most exciting times for our organization are still to come.”
In 2023, Marathon Digital also entered into an agreement to acquire two more data centers. Once integrated into its fleet, the company will be actively mining with a 900-megawatt capacity, with over 45% of miners on its property.
The post Marathon Digital Reports Revenue Increases of 452% appeared first on CryptoPotato.
