Fun

Marathon Digital revenue surges 452% in Q4 amid ‘banner year’

News Feed - 2024-02-29 12:02:02

Martin Young2 hours agoMarathon Digital revenue surges 452% in Q4 amid ‘banner year’Company stock dipped slightly despite the bumper earnings report, though MARA has gained 300% over the past 12 months.1206 Total views8 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksUnited States Bitcoin mining giant Marathon Digital saw revenues surge in 2023 as it swung to a profit, however, company stock dipped following the release of its fourth-quarterly revenue report. 


Marathon Digital released its fourth-quarter and annual earnings report on Feb. 28, revealing that the firm made a record $387.5 million in revenue in 2023, increasing 229% from the previous year.


“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 CEO Fred Thiel.


Fourth-quarter revenue increased 452% to $156.8 million, beating analyst estimates and rising significantly from $28.4 million in Q4 2022. Analysts had estimated a quarterly revenue of $148.8 million.


The increase in revenue was driven by a 172% increase in Bitcoin production year-over-year, coupled with around double the average BTC price during the period, it stated. The firm sold 56% of the Bitcoin it produced during the quarter to fund operating costs.


Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) improved to $260 million in Q4, 2023, from a loss of $374 million in the fourth quarter of 2022.Fourth quarter production highlights. Source: Marathon Digital


Marathon’s Bitcoin production increased 210% to a record 12,852 BTC in 2023. Additionally, its energized hash rate increased 253% to 24.7 EH/s (exahashes per second) in 2023 from just 7.0 EH/s the previous year.


“While 2023 was a banner year for Marathon. We have never been more optimistic about Marathon’s future,” commented Thiel at the company earnings call.


Salman Khan, Marathon’s Chief Financial Officer, added, “We entered 2024 with a strong balance sheet that has us well-positioned for the upcoming halving and beyond.”


Related:Crypto miner Marathon Digital unveils Bitcoin layer 2 network Anduro


Despite the positive earnings report, the company’s shares dipped 6.7% on the day in a fall to $28.95 in after-hours trading on Feb. 29.


Nevertheless, shares in the mining giant have surged more than 300% over the past 12 months.


Meanwhile, Marathon has recently announced that it was incubating and developing a Bitcoin layer-2 sidechain platform called Anduro on Feb. 28 as it branches out from crypto mining.


Magazine: Jameson Lopp: Skeptical of spot Ether ETFs, BTC price prediction dilemma: X Hall of Flame# Bitcoin# Mining# Bitcoin Mining# StocksAdd reactionAdd reactionRead moreCrypto miner Marathon Digital unveils Bitcoin layer 2 network AnduroSpot Bitcoin ETF volumes shatter record with massive $7.7B tradedBitcoiner wants to plant the orange flag on top of Everest

News Feed

Price analysis 7/15: SPX, DXY, BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADA
Rakesh Upadhyay6 hours agoPrice analysis 7/15: SPX, DXY, BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADABitcoin and altcoin traders set their sight on new all-time highs now that BTC price is back above $63,000.2894 Total views1
Coinbase Enables Crypto Buys With Apple Pay, Instant $100K Cashouts, Google Pay to Follow
Coinbase Enables Crypto Buys With Apple Pay, Instant $100K Cashouts, Google Pay to Follow The Nasdaq-listed cryptocurrency exchange Coinbase has enabled crypto b
LayerZero identifies over 800K addresses in sybil self-reporting phase
Amaka Nwaokocha11 hours agoLayerZero identifies over 800K addresses in sybil self-reporting phaseInitially, the team identified over two million addresses as potential sybils but later refined their criteria to minimize
UAE regulations may lead to crypto payment ban, warns lawyer
Ezra Reguerra13 hours agoUAE regulations may lead to crypto payment ban, warns lawyerUAE lawyer Irina Heaver told Cointelegraph that the policy shift could signal a “less favorable environment” for crypto in the UAE.
New $3 Trillion Coronavirus Relief Bill: Second Stimulus Checks Could Be Coming to Americans
New $3 Trillion Coronavirus Relief Bill: Second Stimulus Checks Could Be Coming to AmericansAmericans could be getting their second stimulus checks as a new coronavirus relief bill
Localbitcoins User Pleads Guilty to Running Unlicensed Crypto Business — Faces Up to 5 Years in Prison
Localbitcoins User Pleads Guilty to Running Unlicensed Crypto Business — Faces Up to 5 Years in Prison A cryptocurrency trader has been convicted in the U.S. for operating an unl
Yellen Says FTX Collapse Shows Weaknesses of Entire Crypto Sector — Fed’s Brainard Pushes for Strong Regulation
Yellen Says FTX Collapse Shows Weaknesses of Entire Crypto Sector — Fed"s Brainard Pushes for Strong Regulation U.S. Treasury Secretary Janet Yellen and Federal Reserve Vice Chai
Tether dominates with $113B post-SVB collapse — IntoTheBlock
Josh O"Sullivan11 hours agoTether dominates with $113B post-SVB collapse — IntoTheBlockTether’s market cap surges post-SVB collapse, driven by liquidity and accessibility, says ITB’s Vincent Maliepaard.689 Total vi
Ray Salmond7 hours agoWhen will it be too late to invest in Bitcoin?This week’s episode of Market Talks discusses whether it will ever be “too late” to buy Bitcoin and why BTC could take over the financial world.72
Technical Analysis: Solana Surges 15%, as Loopring Price Declines
Technical Analysis: Solana Surges 15%, as Loopring Price Declines Solana was trading close to 15% higher on Tuesday, as crypto markets were mostly in the green to start February. T
Savannah Fortis10 hours agoCoinbase VP says Canada can be a ‘global leader’ in cryptoCryptocurrency exchange Coinbase officially launched in Canada in August and is expanding its service offerings amid a promising lo
Researchers identify key circuit layer vulnerabilities in SNARK systems
Ana Paula Pereira3 hours agoResearchers identify key circuit layer vulnerabilities in SNARK systemsA study by Imperial College London examined 141 vulnerabilities in SNARK systems, mostly impacting system soundness and c