Bitcoin mining company Marathon Digital Holdings saw its revenue increase 670% year-over-year in the third quarter of 2023, amid a nearly five-fold increase in Bitcoin production.
The results also helped Marathon generate a quarterly profit, with net income of $64.1 million in the third quarter, according to results filed by the company on November 8.
The company partly attributed the improved financial results to a 467% increase in Bitcoin (BTC) production, from 6.7 BTC mined in the third quarter of 2022 to 37.9 BTC in the third quarter of 2023. Likewise , Marathon’s boosted hashrate increased by 403% during the same period.
Marathon’s third quarter earnings release is here:
– Revenue of $97.8 million, due to an increase of 467% #Bitcoin production and higher BTC prices.
– Adjusted EBITDA improves to $43.7 million.
– 8% increase in hash rate; develop with hydroelectric projects in Paraguay.
– Long-term debt reduced by 56%,…
– Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) November 8, 2023
Part of Marathon’s hashrate increase came from its new 27-megawatt hydroelectric mining venture in Paraguay, announced on November 8.
Marathon CEO and President Fred Thiel said the “significant progress” helped strengthen the company’s balance sheet ahead of the Bitcoin halving event scheduled for April 2024.
A $417 million note exchange completed in September reduced Marathon’s long-term debt to 56% and, in doing so, generated more than $100 million in cash savings for shareholders, noted Thiel, adding:
“For the first time in two years, our combined cash and bitcoin holdings exceeded our debt at the end of the quarter.”
Meanwhile, Marathon remains committed to increasing its hashrate in the short to medium term.
Its installed hashrate currently sits at 23.1 exahashes per second, but the company is looking to increase this to 26 EH/s and another 30% in 2024.
Related: Marathon and Riot Among the Most Overvalued Bitcoin Mining Stocks: Report
Marathon (MARA) stock price fell 6.9% to $8.55 on Nov. 8, but rebounded 4.3% in after-hours trading following the earnings report. of Marathon, according to Google Finance.
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