Marathon Digital Holdings, a leading Bitcoin mining company, announced its Q3 earnings on November 8, 2023, showing a remarkable 670% increase in revenue compared to the same period last year. The company also achieved a net income of $64.1 million, turning a quarterly profit for the first time.
The main driver of Marathon’s impressive performance was its significant growth in Bitcoin production and hashrate. The company mined 37.9 BTC per day in Q3 2023, up from 6.7 BTC per day in Q3 2022, representing a 467% increase. The company’s hashrate also rose by 403% year-on-year, reaching 23.1 exahashes per second.
Marathon’s CEO and chairman, Fred Thiel, expressed his optimism about the company’s future, especially in light of the upcoming Bitcoin halving event in April 2024, which is expected to boost the profitability of Bitcoin mining. He also highlighted the company’s strategic initiatives to expand its mining capacity, such as the new 27-megawatt hydro-powered mining facility in Paraguay, which was announced on the same day as the earnings report.
In addition, Marathon successfully reduced its long-term debt by 56% through a $417 million note exchange in September, which resulted in over $100 million in cash savings for shareholders. The company also maintained a strong balance sheet, with $1.7 billion in total assets and $1.4 billion in cash and Bitcoin holdings.