Marathon Digital Holdings reported a report internet earnings of $337.2 million in 2024’s first quarter.
The agency’s quarterly internet earnings, printed 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 report 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 throughout the first quarter, price $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 top 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 straight 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 opponents have additionally printed current reviews. Core Scientific reported $210.7 million in internet earnings and a pair 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 knowledge on Might 3.
