{"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":"
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
\nMarathon\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