Key Points
- Marathon Digital generated $176 million by mining 2,811 Bitcoin in Q1.
- The company’s profits rose by 184% to $337.2 million, with revenues reaching $165.2 million.
Marathon Digital disclosed that it mined 2,811 units of Bitcoin, valued at approximately $176 million, during the initial three months of this year. This was revealed in a recent earnings report.
Record High Bitcoin Prices Boost Profits
The price of Bitcoin reached a record high during the same time frame. This led to a significant increase in Marathon Digital’s profits, which surged to $337.2 million, marking an 184% rise compared to the same quarter last year. Additionally, revenues soared to $165.2 million, a 223% increase from Q1 of 2023.
The company’s statement highlighted the expansion opportunities provided by recent acquisitions. “We have gained 45 additional exahash of capacity from our recent acquisitions. Coupled with current orders and options, and with $1.6 billion of liquidity, we are now targeting 50 exahash of energized hash rate by the end of 2024,” the company stated.
Capital Reserves and Bitcoin Mining
Marathon Digital also noted that it “sold 26% of the Bitcoin it produced during the quarter to cover operating expenses.” The firm’s $1.6 billion in capital reserves comprises cash, cash equivalents, and Bitcoin.
On a related note, Bitcoin mining difficulty experienced a 5.7% decrease last Thursday, marking the most significant negative adjustment in almost 18 months.
In terms of the company’s stock performance, shares remained steady in after-hours trading at $19.65, as reported by Yahoo Finance.
