Marathon Digital mined $176 million in Bitcoin as its first quarter revenue grew 184%.
Marathon Digital reported mining 2,811 bitcoins during the first quarter of this year, worth about $176 million at current prices, according to its earnings report.
During the same period, as the price of Bitcoin reached an all-time high, Marathon Digital’s profits also increased by 184% compared to the same period last year to $337.2 million. Revenues were $165.2 million, up 223% from the first quarter of 2023.
“With expanded capacity gained through recent acquisitions, an additional capacity of 45 exahash between current orders and options, and $1.6 billion in liquidity, we now target an active hash rate of 50 exahash by the end of 2024. “, the company said in a statement.
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It reached an all-time high in early 2024. Image: Block pricing page.
Marathon Digital said it “sold 26% of the Bitcoin it produced during the quarter to fund operating expenses.” The company’s $1.6 billion in capital reserves include cash, cash equivalents and bitcoin, according to the statement.
b on thursdayItcoin Mining difficulty decreased by 5.7%, marking the largest negative adjustment in nearly 18 months.
The company’s stock price was unchanged at $19.65 in after-hours trading, according to Yahoo Finance.
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About the author
RT Watson is a senior reporter at The Block, covering a variety of topics including US-based companies, blockchain games, NFTs, and more. He previously covered entertainment for The Wall Street Journal and has covered companies including Disney, Netflix, and Warner Bros. and the creator economy, with a primary focus on technological innovation across media. Previously, she covered corporate, economic and political news in Brazil at Bloomberg. She interviewed a wide range of figures for RT, including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers, and convicted criminals. She holds a Master’s degree in Digital Sociology.
