Bitcoin Production Grows Fivefold For Marathon Digital Holdings

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• In the third quarter of 2023, Bitcoin mining company Marathon Digital Holdings increased its annual revenue by 670% with nearly a fivefold increase in Bitcoin production.
• Part of the increase in Marathon’s hashrate came from the newly announced 27-megawatt hydro-powered mining venture in Paraguay on November 8.
• Marathon continues to be committed to increasing its short and medium-term hashrate. The current installed hashrate is approximately 23.1 exahashes per second.

Bitcoin mining company Marathon Digital has released its earnings report for the third quarter: the company’s revenues increased in line with Bitcoin production.

Marathon Digital Boosts Revenues in Q3

In the third quarter of 2023, Bitcoin mining company Marathon Digital Holdings increased its annual revenue by 670% with nearly a fivefold increase in Bitcoin production. The results also turned Marathon into a profitable company for the quarter, with a net profit of $64.1 million in the third quarter, according to the results presented by the company on November 8.

The company attributed part of the improvement in financial results to a 467% increase in Bitcoin (BTC) production, from a daily 6.7 mined BTC in Q3 2022 to a daily 37.9 BTC in Q3 2023. Similarly, Marathon’s energy hashrate increased by 403% during the same period.

Part of the increase in Marathon’s hashrate came from the newly announced 27-megawatt hydro-powered mining venture in Paraguay on November 8. Marathon’s CEO and President Fred Thiel noted that this “significant progress” helped strengthen the company’s balance sheet ahead of the planned Bitcoin halving event in April 2024.

A $417 million note exchange completed in September managed to reduce Marathon’s long-term debt by 56%, resulting in cash savings of over $100 million for shareholders. Thiel said, “For the first time in two years, our cash and Bitcoin assets at the end of the quarter exceeded our debt.”

Marathon Remains Committed to Increasing Hashrate

Meanwhile, Marathon continues to remain committed to increasing its short and medium-term hashrate. The current installed hashrate is around 23.1 exahashes per second, but the company aims to increase it by 30% or more to 26 EH/s in 2024.

Marathon’s (MARA) stock price fell by 6.9% to $8.55 on November 8, but it recovered by 4.3% in after-hours trading following the release of Marathon’s earnings statement.