Marathon Digital Holdings reported a file internet revenue of $337.2 million in 2024’s first quarter.
The agency’s quarterly internet revenue, revealed in its Might 9 earnings report, represents 184% year-over-year progress from $118.7 million within the first quarter of 2023.
EPS for the quarter stood at $1.26 per diluted share
The corporate reported file revenues of $165.2 million within the first quarter of 2024, representing 223% year-over-year progress from $51.1 million.
Marathon holds $1.6 billion in mixed unrestricted money, money equivalents, and Bitcoin as of March 31.
Mining output
Marathon additionally described elevated Bitcoin output and infrastructure progress.
The corporate produced 2,811 BTC in the course of the first quarter, value $176 million at present market costs. Within the first quarter of 2023, it produced 2,195 BTC, marking 28% year-over-year progress.
The corporate reported an energized hash price of 27.8 exahashes per second (EH/s), up 142% from 11.5 EH/s within the first quarter of 2023.
Marathon goals to attain 50 EH/s, or 100% progress in hash price, by the tip of 2024.
Marathon additionally closed a number of information heart acquisitions, doubling its digital asset compute capability to 1.1 gigawatts. Greater than half of the complete quantity exists on websites that the corporate instantly owns or operates.
Marathon enters S&P rankings
Marathon’s newest outcomes come shortly after the agency’s addition to the S&P SmallCap 600. Marathon inventory (MARA) gained 18% alongside the event on Might 6.
The agency’s newest earnings report has not coincided with such a dramatic worth change. MARA was down 2.19% on Might 9 however up 1.22% after hours following its earnings launch.
Regardless of minor losses, Marathon Digital Holdings stays the biggest publicly traded Bitcoin mining agency, with a market cap of $5.36 billion.
Marathon’s rivals have additionally revealed current stories. Core Scientific reported $210.7 million in internet revenue and a couple of,825 BTC mined within the first quarter on Might 9. Stronghold reported elevated earnings however a low valuation and doable sale on Might 2. Cleanspark reported month-to-month information on Might 3.
