Marathon Digital sees a 670% increase in revenue in Q3 as Bitcoin production increases.
Bitcoin mining company Marathon Digital Holdings posted a 670% increase in revenue in the third quarter of 2023 amid a nearly fivefold increase in Bitcoin production.
The results turned Marathon into a quarterly profit, with net income of $64.1 million in the third quarter, the company reported on Nov. 8.
The firm attributes its improved financial results in part to a 467% increase in Bitcoin (BTC) production from 6.7 mined BTC in Q3 2022 to 37.9 BTC in Q3 2023.
Marathon's Q3 earnings release is here: $97.8M in revenue, 467% increase in #Bitcoin production and high BTC price – Adjusted EBITDA to $43.7M.- 8% increase in hash rate. Expansion of hydro-powered venture in Paraguay – long-term debt reduced by 56%,…
— Marathon Digital Holdings (NASDAQ: MARA ) (@MarthonDH) November 8, 2023
As part of Marathon's Hashret boost, a 27-megawatt hydroelectric power plant in Paraguay was announced on November 8.
Marathon CEO and Chairman Fred Thiel said the “significant growth” helped strengthen the company's balance sheet ahead of the planned Bitcoin halving in April 2024.
The $417 million note exchange completed in September reduced Marathon's long-term debt to 56 percent, resulting in more than $100 million in cash savings for shareholders, Thiel said.
“For the first time in two years, our combined cash and bitcoin holdings exceeded our liabilities at the end of the quarter.”
Meanwhile, Marathon is committed to growing its portfolio in the short to mid-term.
The installed hashrate currently sits at 23.1 exahashes per second, but the company is looking to increase that to 26 EH/s and a further 30% increase by 2024.
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Marathon ( MARA ) shares fell 6.9% to $8.55 on Nov. 8 but rose 4.3% in after-hours trading following Marathon's earnings release, according to Google Finance.
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