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Marathon experiences document $337.2 million internet revenue in Q1 2024

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Marathon Digital Holdings reported a document internet revenue of $337.2 million in 2024’s first quarter.

The agency’s quarterly internet revenue, revealed in its Could 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 document 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 fee of 27.8 exahashes per second (EH/s), up 142% from 11.5 EH/s within the first quarter of 2023.

Marathon goals to realize 50 EH/s, or 100% progress in hash fee, by the tip of 2024.

Marathon additionally closed a number of knowledge 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 immediately 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 Could 6.

The agency’s newest earnings report has not coincided with such a dramatic value change. MARA was down 2.19% on Could 9 however up 1.22% after hours following its earnings launch.

See also  Funding Firm Director Predicts How Excessive Bitcoin Will Be in December

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 experiences. Core Scientific reported $210.7 million in internet revenue and a pair of,825 BTC mined within the first quarter on Could 9. Stronghold reported elevated earnings however a low valuation and potential sale on Could 2. Cleanspark reported month-to-month knowledge on Could 3.

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