{"id":86845,"date":"2023-11-09T20:37:42","date_gmt":"2023-11-09T18:37:42","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=86845"},"modified":"2025-09-13T08:02:35","modified_gmt":"2025-09-13T05:02:35","slug":"marathon-digital-reports-sharp-rise-in-bitcoin-mining-profits","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/marathon-digital-reports-sharp-rise-in-bitcoin-mining-profits\/","title":{"rendered":"Marathon Digital reports sharp rise in bitcoin mining profits"},"content":{"rendered":"<p>American mining company Marathon Digital Holdings <a href=\"https:\/\/ir.mara.com\/news-events\/press-releases\/detail\/1333\/marathon-digital-holdings-reports-third-quarter-2023-results\">reported<\/a> $64.1 million in net income in the third quarter. By comparison, a loss of $72.5 million was recorded for the same period last year.<\/p>\n<p><!--more--><\/p>\n<p>The company&#39;s total revenues in the third quarter amounted to $97.8 million. Revenue for the corresponding period last year was $12.7 million.<\/p>\n<p>The company attributed the sharp rise in earnings to higher bitcoin production, driven by roughly a fivefold increase in installed capacity, and a 32% rise in cryptocurrency prices during the reporting period.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"202\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/table-13-1024x202.png\" alt=\"table-13\" class=\"wp-image-219766\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/table-13-1024x202.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/table-13-300x59.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/table-13-768x152.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/table-13.png 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Key mining metrics. Data: <a href=\"https:\/\/ir.mara.com\/news-events\/press-releases\/detail\/1333\/marathon-digital-holdings-reports-third-quarter-2023-results\">Marathon Digital Holdings<\/a>.<\/figcaption><\/figure>\n<p>Marathon Digital sold 66% of the 3,490 BTC mined in the third quarter to cover operating costs, earning a profit of $31.7 million.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>&#8220;We have made significant progress in executing our strategic priorities for 2023,&#8221; said Chief Executive Fred Thiel.<\/cite><\/p><\/blockquote>\n<p>Among the achievements he cited:<\/p>\n<ul class=\"wp-block-list\">\n<li>an 8% increase in the hardware hashrate over the quarter;<\/li>\n<li>providing power to a new facility in Garden City, New York;<\/li>\n<li>an increase in equipment uptime;<\/li>\n<li>the start of <a href=\"https:\/\/u1f987.com\/en\/news\/experts-explain-the-specifics-of-mining-in-the-uae\">a joint venture in the UAE<\/a>.<\/li>\n<\/ul>\n<p>Thiel added that the company has significantly strengthened its financial position, substantially reducing its debt burden. In his view, this will help prepare for the expected Bitcoin halving in April 2024. On the company&#39;s balance sheet are 13,396 BTC worth about $483.8 million, according to <a href=\"https:\/\/buybitcoinworldwide.com\/treasuries\/\">Bitcoin Treasuries<\/a>.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"436\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Treas-1-1024x436.png\" alt=\"Treas-1\" class=\"wp-image-219767\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Treas-1-1024x436.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Treas-1-300x128.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Treas-1-768x327.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Treas-1.png 1095w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: Bitcoin Treasuries.<\/figcaption><\/figure>\n<p>Competitor Marathon Digital \u2014 Riot Platforms \u2014 also <a href=\"https:\/\/www.globenewswire.com\/news-release\/2023\/11\/07\/2775721\/0\/en\/Riot-Platforms-Reports-Third-Quarter-2023-Financial-Results-Current-Operational-and-Financial-Highlights.html\">published<\/a> its third-quarter results. It reported total revenue of $51.9 million, up from $46.3 million for the corresponding period last year. <\/p>\n<p>Earlier ForkLog <a href=\"https:\/\/u1f987.com\/en\/news\/marathon-digital-to-start-bitcoin-mining-in-paraguay\">reported<\/a> the launch in Paraguay of a 27 MW facility powered by 100% renewable hydroelectric power. Also in early November Marathon Digital <a href=\"https:\/\/u1f987.com\/en\/news\/marathon-digital-launches-landfill-gas-bitcoin-mining-pilot\">announced<\/a> a pilot project to mine Bitcoin using renewable energy with methane captured at landfills.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>American mining company Marathon Digital Holdings reported $64.1 million in net income in the third quarter.<\/p>\n","protected":false},"author":1,"featured_media":86846,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,1185],"class_list":["post-86845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-marathon-digital-holdings"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/86845","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=86845"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/86845\/revisions"}],"predecessor-version":[{"id":86847,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/86845\/revisions\/86847"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/86846"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=86845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=86845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=86845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}