{"id":24786,"date":"2023-11-09T03:11:43","date_gmt":"2023-11-09T03:11:43","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/marathon-digital-sees-670-revenue-gain-in-q3-as-bitcoin-production-surges\/"},"modified":"2023-11-09T03:11:45","modified_gmt":"2023-11-09T03:11:45","slug":"marathon-digital-sees-670-revenue-gain-in-q3-as-bitcoin-production-surges","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/marathon-digital-sees-670-revenue-gain-in-q3-as-bitcoin-production-surges\/","title":{"rendered":"Marathon Digital sees 670% revenue gain in Q3 as Bitcoin production surges"},"content":{"rendered":"
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Bitcoin mining firm Marathon Digital Holdings saw its revenue surge $670% year-on-year in the third quarter of 2023, amid a nearly five-fold increase in Bitcoin production.<\/p>\n

The results saw Marathon also swing to a quarterly profit, with $64.1 million of net income in the third quarter, according to the firm\u2019s Nov. 8 results filing.<\/p>\n

The firm partly attributed the improved financial results to a 467% spike in Bitcoin (BTC) production from 6.7 mined BTC in Q3 2022 to 37.9 BTC in Q3 2023. Similarly, Marathon\u2019s energized hashrate boosted 403% over the same timeframe. <\/p>\n

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Marathon\u2019s Q3 Earnings Release is here:
– Revenue of $97.8M, due to 467% increase in #Bitcoin<\/a> production and higher BTC prices.
– Adjusted EBITDA improves to $43.7M.
– 8% increase in hash rate; expanding with hydro-powered ventures in Paraguay.
– Long-term debt reduced by 56%,\u2026<\/p>\n

\u2014 Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) November 8, 2023<\/a><\/p><\/blockquote>\n

Part of Marathon\u2019s boost in hashrate came from its new, 27-megawatt hydro-powered mining venture in Paraguay, which it announced on Nov. 8.<\/p>\n

Marathon\u2019s CEO and chairman Fred Thiel said the \u201csignificant progress\u201d has helped strengthen the firm\u2019s balance sheet ahead of the Bitcoin halving event scheduled for April 2024.<\/p>\n

A $417 million note exchange completed in September managed to reduce Marathon\u2019s long-term debt to 56% and in doing so captured over $100 million in cash savings for shareholders, Thiel noted, adding:<\/p>\n

\u201cFor the first time in two years, our combined cash and bitcoin holdings exceeded our debt at the quarter’s end.\u201d<\/p><\/blockquote>\n

Meanwhile, Marathon remains committed to increasing its hashrate in the short to mid-term. <\/p>\n

Its installed hashrate currently sits at 23.1 exahashes per second but the firm is looking to boost that to 26 EH\/s and a further 30% in 2024.<\/p>\n

Related: <\/em><\/strong>Marathon, Riot among most overvalued Bitcoin mining stocks: Report <\/em><\/strong><\/p>\n

Marathon\u2019s (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\u2019s earnings statement, according to Google Finance.<\/p>\n

MARA\u2019s change in share price on Nov. 8 (including after-hours trading). Source: Google Finance.<\/strong><\/em><\/figcaption><\/figure>\n

Magazine: <\/em><\/strong>How to protect your crypto in a volatile market: Bitcoin OGs and experts weigh <\/em><\/strong><\/p>\n<\/div>\n