CryptoMediaClub
Monday, July 28, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home All news

Marathon Digital Reports Record $387.5 Million Revenue in 2023, Marking a 229% Increase

29.02.2024
A A
0
132
VIEWS
ShareShare

Marathon Digital, a prominent Bitcoin (BTC) mining company based in the United States, has seen a remarkable surge in revenue in 2023, leading the company to achieve substantial profitability.

On Wednesday, Marathon Digital unveiled its fourth-quarter and annual earnings report, revealing a record-breaking revenue of $387.5 million in 2023, a staggering 229% increase compared to the previous year.

“2023 was a record-breaking year for Marathon, during which we achieved our primary objectives of energizing our fleet of previously purchased mining rigs and optimizing our performance,” Marathon CEO Fred Thiel said.

Marathon’s Q4 Revenue Soared by 452%

The fourth-quarter revenue soared by 452% to $156.8 million, surpassing analyst expectations and exhibiting significant growth from $28.4 million in the fourth quarter of 2022.

Analysts had estimated a quarterly revenue of $148.8 million.

The surge in revenue was primarily driven by a 172% year-over-year increase in Bitcoin production, combined with a nearly doubled average BTC price during the period, according to the company’s report.

Whomever was selling Marathon Digital tonight after this earnings report will likely regret it.

Some basic math on why this stock is going significantly higher.

They have 15,000 Btc on their balance sheet already and 0 net debt.

They’ll be producing 4-6k Btc per quarter the…

— Endless Capital (@endless_frank) February 28, 2024

To fund operating costs, Marathon Digital sold 56% of the Bitcoin it produced during the quarter.

Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) also showcased improvement, with the company reporting $260 million in Q4 2023 compared to a loss of $374 million in the fourth quarter of 2022.

Marathon’s Bitcoin production experienced substantial growth, reaching a record 12,852 BTC in 2023, marking a 210% increase.

Furthermore, the company’s energized hash rate surged by 253%, reaching 24.7 EH/s (exahashes per second) in 2023, compared to the previous year’s 7.0 EH/s.

“We entered 2024 with a strong balance sheet that has us well-positioned for the upcoming halving and beyond,” Salman Khan, Marathon’s Chief Financial Officer, added.

Despite the impressive earnings report, Marathon Digital’s shares experienced a 6.7% decline in after-hours trading on February 29, falling to $28.95.

Nevertheless, the company’s stock has witnessed a remarkable surge of over 300% in the past 12 months.

In an effort to diversify its operations beyond crypto mining, Marathon Digital recently announced its incubation and development of a Bitcoin layer-2 sidechain platform called Anduro on February 28.

Riot Rakes in Record $281M in Revenues

Aside from Marathon, other Bitcoin miners also saw record revenues last year.

For one, Riot Platforms saw its total revenues reach an all-time high of $281 million.

The company said it produced 6,626 Bitcoins during the year, a 19% increase compared to 5,554 during the same twelve-month period in 2022.

The company detailed that Bitcoin Mining revenue accounted for $189.0 million, Data Center Hosting revenue amounted to $27.3 million, Engineering revenue stood at $64.3 million, and other revenue contributed $0.1 million.

Bitcoin Mining revenue exceeded the mining cost of revenue, totaling $92.4 million, representing 48.9% of mining revenue.

This marked an increase of $9.9 million compared to the same period in 2022.

Meanwhile, leading cryptocurrency miners are bracing themselves for the challenges ahead as the mining industry prepares for a major transformation with the 2024 Bitcoin halving event.

The post Marathon Digital Reports Record $387.5 Million Revenue in 2023, Marking a 229% Increase appeared first on Cryptonews.

Share10Tweet6ShareSharePin2

Related Posts

BNB ($BNB) Bulls Charge Ahead to $843, Can Institutional Momentum Push It Higher?
All news

BNB ($BNB) Bulls Charge Ahead to $843, Can Institutional Momentum Push It Higher?

28.07.2025
0

BNB ($BNB) rocketed 6.2% to $843 in 24 hours, but parabolic rallies rarely last. As institutional money floods in and...

Read moreDetails
Bitcoin Market Cycles and BTC Rallies Are Outdated

Bitcoin Market Cycles and BTC Rallies Are Outdated

28.07.2025
Bitcoin Price Prediction: Global Firms Pour $86B Into BTC – Could This Trigger a New “Institutional Supercycle”?

Bitcoin Price Prediction: Global Firms Pour $86B Into BTC – Could This Trigger a New “Institutional Supercycle”?

28.07.2025
Vietnam Launches National Blockchain Platform for Data Verification

Vietnam Launches National Blockchain Platform for Data Verification

28.07.2025
Meme Coin Supercycle? DOGE Price Up 50%, BONK 150%, FLOKI 80%

Meme Coin Supercycle? DOGE Price Up 50%, BONK 150%, FLOKI 80%

28.07.2025
Load More
Next Post
Bitcoin Surpassed The $60k Mark, Whale Activities Increase

Bitcoin Surpassed The $60k Mark, Whale Activities Increase

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

New ERC-7231 NFT Standard Enters The Space

New ERC-7231 NFT Standard Enters The Space

1 year ago
New Crypto DAO Flocktopia Rewards Holders With Free Crypto: Flockerz Presale Review

New Crypto DAO Flocktopia Rewards Holders With Free Crypto: Flockerz Presale Review

10 months ago
OnlyFans Parent Company Dives Deep into Crypto, Reveals $20M Ether Investment.

OnlyFans Parent Company Dives Deep into Crypto, Reveals $20M Ether Investment.

2 years ago
BRISE Receives 81.49 Rating in Certik Audit, Inspiring Investor Trust?

BRISE Receives 81.49 Rating in Certik Audit, Inspiring Investor Trust?

2 years ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Vietnam Launches National Blockchain Platform for Data Verification

Meme Coin Supercycle? DOGE Price Up 50%, BONK 150%, FLOKI 80%

Over 99% of Banking Transactions in Australia Conducted Online

One-Click Cloud Mining: PAXMINING Opens Doors for XRP & Digital Asset Users

Senate Democrats Question Housing Agency Over Crypto in Mortgage Plans

ASIC Warns Australians Against Bitget’s “Unlicensed” Crypto Futures Offerings

Trending

BNB ($BNB) Bulls Charge Ahead to $843, Can Institutional Momentum Push It Higher?
All news

BNB ($BNB) Bulls Charge Ahead to $843, Can Institutional Momentum Push It Higher?

28.07.2025
0

BNB ($BNB) rocketed 6.2% to $843 in 24 hours, but parabolic rallies rarely last. As institutional money...

Bitcoin Market Cycles and BTC Rallies Are Outdated

Bitcoin Market Cycles and BTC Rallies Are Outdated

28.07.2025
Bitcoin Price Prediction: Global Firms Pour $86B Into BTC – Could This Trigger a New “Institutional Supercycle”?

Bitcoin Price Prediction: Global Firms Pour $86B Into BTC – Could This Trigger a New “Institutional Supercycle”?

28.07.2025
Vietnam Launches National Blockchain Platform for Data Verification

Vietnam Launches National Blockchain Platform for Data Verification

28.07.2025
Meme Coin Supercycle? DOGE Price Up 50%, BONK 150%, FLOKI 80%

Meme Coin Supercycle? DOGE Price Up 50%, BONK 150%, FLOKI 80%

28.07.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz