Marathon Digital Reports $97.5 Million Revenues in Q3 2023 With Massive Surge in Bitcoin Production

cryptonews.com:

Marathon Digital Holdings, a prominent Bitcoin mining company, has announced a remarkable financial performance in the third quarter of 2023. The company reported a substantial 670% year-on-year increase in profit, primarily driven by a nearly five-fold rise in Bitcoin production.

Marathon’s Q3 Earnings Release is here:
– Revenue of $97.8M, due to 467% increase in #Bitcoin 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%,…

— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) November 8, 2023

In the third quarter of 2023, Marathon achieved a net income of $64.1 million, equivalent to $0.35 per diluted share. This impressive turnaround represents a significant improvement compared to the same period in the previous year, when the company reported a net loss of $72.5 million, or $0.62 loss per share. Revenues for the third quarter of 2023 reached $97.8 million, marking a substantial increase from the third quarter of 2022, when revenues were $12.7 million.

Marathon attributes its improved performance to several key factors, including a 467% surge in Bitcoin (BTC) production, increasing from 6.7 mined BTC per day in Q3 2022 to an impressive 37.9 BTC per day in Q3 2023. Additionally, a 32% rise in average bitcoin prices contributed to the company’s success.

During the third quarter, Marathon produced 3,490 bitcoins, representing a significant increase from 2,926 in the previous quarter and only 616 in the same quarter a year ago. Notably, the company reported gains of $31.7 million from digital assets, with 66% of the generated bitcoins in the last quarter being sold to cover operating costs.

Marath