Marathon Digital Reports 452% Increase in Sales
US-based Bitcoin mining giant Marathon Digital has released its quarterly earnings report, which significantly beat analyst forecasts.
Ironically, Marathon’s stock price fell immediately after the announcement. However, this is likely to be a temporary issue.
Amazing Financial Results
While Marathon Digital didn’t necessarily struggle last year, the cryptocurrency winter certainly put a bit of a damper on its plans, as did the SEC, which targeted the company among numerous others.
However, Marathon Digital has since recovered. Earlier this year, we reported that Bitcoin production has tripled compared to 2022. Since then, the company’s performance has only improved.
Marathon Digital is now proud to report total 2023 EBITDA of $419.9 million. To put this in perspective, the company lost $543.4 million in 2022. Debt has also been reduced by 56%, allowing the miner to boast net profits of $261.2 million.
On the technical side, Marathon Digital has increased the Bitcoin production rate by 210% and reached an active hash rate of 24.7EH/s, a 253% increase over 2024.
“2023 was a record year for Marathon, during which we achieved our key goals of energizing and optimizing the performance of previously purchased mining equipment,” said Fred Thiel, CEO and Chairman of Marathon. .
In fact, Marathon Digital’s increased production capacity is due in part to a 21% increase in mining rig efficiency, from 30.9 joules per terahash (J/TH) to 24.5. Considering all technical indicators, the company’s mining fleet has produced a total of 12,852 Bitcoins.
plans for the future
Although the company performed well last year, especially in the final quarter, CEO Fred Thiel says this is just the beginning of good operations.
“In 2024, we plan to increase the hash rate to approximately 35-37 exahash. By the end of 2025, we plan to achieve 50 exahash, approximately double our current capacity. (…) Given our momentum, strong balance sheet, and the differentiators we are building through our technology stack, we are optimistic that the most exciting times for our organization are still ahead.”
In 2023, Marathon Digital also signed an agreement to acquire two additional data centers. Once incorporated, the company will actively mine with a capacity of 900 megawatts, with over 45% miner ownership.
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