Marathon Digital Holdings reported file web earnings of $337.2 million within the first quarter of 2024.
The corporate's quarterly web earnings, disclosed in an earnings report on Might 9, represents 184% year-over-year development from $118.7 million within the first quarter of 2023.
EPS for the quarter was $1.26 per share
The corporate reported file income of $165.2 million within the first quarter of 2024, up 223% 12 months over 12 months from $51.1 million.
Marathon holds $1.6 billion in mixed unrestricted money, money equivalents and bitcoin as of March 31.
Mining efficiency
Marathon additionally described elevated Bitcoin manufacturing and infrastructure development.
The corporate produced 2,811 BTC throughout the first quarter, value $176 million at present market costs. It produced 2,195 BTC within the first quarter of 2023, representing 28% year-over-year development.
The corporate reported an energized hash fee of 27.8 exahashes per second (EH/s), a 142% improve from 11.5 EH/s within the first quarter of 2023.
Marathon goals to succeed in 50 EH/s by the tip of 2024, or 100% hash fee development.
Marathon additionally closed a number of knowledge heart acquisitions and doubled its digital asset computing capability to 1.1 gigawatts. Greater than half of the overall exists on websites immediately owned or operated by the corporate.
Marathon enters the S&P rankings
Marathon's newest outcomes come shortly after the corporate was added to the S&P SmallCap 600. Shares of Marathon ( MARA ) surged 18% on Might 6.
The corporate's newest earnings report didn’t coincide with such a dramatic worth change. MARA fell 2.19% on Might 9, however was up 1.22% hours after the earnings launch.
Regardless of minor losses, Marathon Digital Holdings stays the most important publicly traded bitcoin mining firm with a market cap of $5.36 billion.
Marathon opponents additionally printed the most recent information. Core Scientific reported $210.7 million in web earnings and a pair of,825 BTC mined within the first quarter on Might 9. Stronghold reported elevated revenue however low valuation and a attainable sale on Might 2. Cleanspark introduced month-to-month knowledge on Might third.
