Marathon Digital sees 670% revenue gain in Q3 as Bitcoin production surges

Marathons Q3 Earnings Release is here:- Revenue of $97.8 M, due to 467% boost in #Bitcoin production and higher BTC costs.- Long-term financial obligation lowered by 56%, …– Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) November 8, 2023.

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Part of Marathons boost in hashrate originated from its brand-new, 27-megawatt hydro-powered mining venture in Paraguay, which it revealed on Nov. 8. Marathons CEO and chairman Fred Thiel stated the “considerable progress” has helped enhance the companys balance sheet ahead of the Bitcoin halving event arranged for April 2024. A $417 million note exchange finished in September handled to lower Marathons long-term debt to 56% and in doing so caught over $100 million in money cost savings for shareholders, Thiel kept in mind, adding:” For the very first time in two years, our combined cash and bitcoin holdings surpassed our debt at the quarters end.” Meanwhile, Marathon stays committed to increasing its hashrate in the brief to mid-term. Its installed hashrate currently sits at 23.1 exahashes per second however the firm is seeking to enhance that to 26 EH/s and a further 30% in 2024. Related: Marathon, Riot among a lot of miscalculated Bitcoin mining stocks: Report Marathons (MARA) share rate fell 6.9% to $8.55 on Nov. 8 but rebounded 4.3% in after-hours trading following the release of Marathons profits declaration, according to Google Finance.MARAs modification in share price on Nov. 8 (consisting of after-hours trading). Source: Google Finance.Magazine: How to protect your crypto in an unstable market: Bitcoin OGs and experts weigh