Marathon Digital Registers a 34% Decline in Bitcoin Generation During Q1 2024

Marathon Digital Registers a 34% Decrease in Bitcoin Production in Q1 2024

Crypto News– In the first quarter of 2024, Marathon Digital Holdings, Inc., a US-based Bitcoin mining company, experienced a combination of positive and negative financial outcomes. While the company saw substantial growth in hash rate and revenues during this period, it also encountered various operational challenges.

Marathon Digital Confronts Financial and Operational Hurdles Amidst Expansion

In the first quarter of 2024, Marathon Digital experienced a remarkable surge in revenues, which skyrocketed by 223% compared to the same period in 2023, reaching $165.2 million. Net income also saw a substantial increase, rising by 184% to $337.2 million year-over-year.

Despite these impressive financial gains, Marathon faced a challenge in its Bitcoin production, generating 2,811 BTC, marking a 28% increase from Q1 2023 but a notable 34% decrease from Q4 2023. CEO Fred Thiel attributed this decline to unexpected equipment failures and maintenance issues affecting the company’s Bitcoin production capacity.

Marathon Digital found itself trailing behind Core Scientific, another US-based Bitcoin mining company, which reported mining 2,825 BTC during the same quarter. Nonetheless, the company witnessed significant expansion, reporting a 142% surge in its energized hash rate to 27.8 exahash per second (EH/s) from 11.5 EH/s in the previous year. Additionally, Marathon introduced Anduro, a new multi-chain Bitcoin layer-two network, aimed at fostering the development and adoption of Bitcoin.

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