Marathon Digital sees 670% revenue gain in Q3 as Bitcoin production surges
Marathon announced a 467% increase in Bitcoin production year-on-year in the third quarter, while hashrate rose over 400% in the same timeframe. Bitcoin mining firm Marathon Digital Holdings saw its revenue surge $670% year-on-year in the third quarter of 2023, amid a nearly five-fold increase in Bitcoin production . The results saw Marathon also swing to a quarterly profit, with $64.1 million of net income in the third quarter, according to the firm’s Nov. 8 results filing. The firm partly attributed the improved financial results to a 467% spike in Bitcoin (BTC) production from 6.7 mined BTC in Q3 2022 to 37.9 BTC in Q3 2023. Similarly, Marathon’s energized hashrate boosted 403% over the same timeframe. 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%,… ...