Marathon Digital Reports: $176 Million Revenue from Bitcoin Mining, Profits Surge by 184%
Crypto News– Marathon Digital reported robust performance metrics for the first quarter of this year, demonstrating its continued success in the Bitcoin mining sector. According to the company’s earnings statement, they mined 2,811 bitcoins during this period, amounting to approximately $176 million based on current market prices.
Benefiting from the unprecedented surge in Bitcoin’s value, Marathon Digital experienced a remarkable profit increase, reaching $337.2 million. This surge represents an impressive 184% jump compared to the same quarter last year. Similarly, revenues soared to $165.2 million, marking a substantial 223% gain from Q1 2023.
Marathon Digital’s Q1 Performance: $176 Million Bitcoin Mining Revenue and 184% Profit Surge
Looking ahead, Marathon Digital outlined its expansion plans, highlighting the acquisition-driven increase in capacity. With an additional 45 exahash of capacity now at their disposal, the company aims to achieve a target of 50 exahash of energized hash rate by the end of 2024.
To support its operations, Marathon Digital disclosed that it sold 26% of the bitcoins it mined during the quarter. Additionally, the company emphasized its strong financial position, boasting $1.6 billion in capital reserves, which includes cash, cash equivalents, and bitcoin holdings, as outlined in their earnings report.
FAQs
What revenue did Marathon Digital report for Bitcoin mining in Q1?
Marathon Digital reported $176 million in revenue from Bitcoin mining during the first quarter of the year.
How much did Marathon Digital’s profits increase in Q1 compared to the same period last year?
Marathon Digital’s profits surged by 184% in the first quarter compared to the same period last year.
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