Marathon Digital’s Q3 2023 Boost: $670 Million Revenue Surge

The revenue of Marathon Digital Holdings, a company that mines Bitcoin, increased by $670 million annually during the third quarter of 2023, in tandem with a production of Bitcoin that increased by nearly fivefold.

Marathon also turned a profit for the quarter, reporting $64.1 million in net income for the third quarter, as stated in the company’s results filing dated November 8.

The company attributed a portion of the enhanced financial outcomes to a 467 percent increase in Bitcoin (BTC) production, which rose from 6.7 mined BTC in the third quarter of 2022 to 37.9 BTC in the third quarter of 2023.

Similarly, Marathon’s energized hashrate increased by 403% during the same period. Marathon’s newly announced 27-megawatt hydro-powered mining venture in Paraguay contributed to a portion of its hashrate increase on November 8.

Fred Thiel, chief executive officer and chairman of Marathon, stated that the “significant progress” has aided in the firm’s balance sheet fortification in advance of the April 2024 Bitcoin halving event.

Thiel noted that a note exchange worth $417 million that was finalized in September successfully decreased Marathon’s long-term debt by 56%, resulting in cash savings for shareholders exceeding $100 million.

For the first time in two years, our combined cash and bitcoin holdings exceeded our debt at the quarter’s end.”

Marathon, meanwhile, maintains its commitment to expanding its hashrate in the near to intermediate future.

Presently, the implemented hashrate stands at 23.1 exahashes per second, however, the organization intends to increase it to 26 EH/s by 2024, with an additional 30% target.

MARA’s change in share price on Nov. 8 (including after-hours trading). Source: Google Finance.

According to Google Finance, Marathon’s (MARA) share price decreased 6.9% to $8.55 on November 8, but rebounded 4.3% in after-hours trading after the company’s earnings statement was released.