According to CryptoPotato, Marathon Digital, a U.S.-based Bitcoin mining giant, has released its quarterly earnings report, surpassing analyst expectations. Despite the positive financial results, the company's stock price experienced a temporary dip following the announcement. In 2023, Marathon Digital reported a total EBITDA of $419.9 million, a significant improvement from the $543.4 million loss in 2022. The company also reduced its debt by 56% and achieved net revenues of $261.2 million.
Marathon Digital increased its Bitcoin production rate by 210% and reached an energized hash rate of 24.7 EH/s, up 253% compared to 2024. The company's mining fleet efficiency improved by 21%, resulting in the production of 12,852 Bitcoin. Marathon Digital's CEO and chairman, Fred Thiel, stated that the company plans to grow its hash rate to approximately 35 to 37 exahash in 2024 and reach 50 exahash by the end of 2025, doubling its current capacity.
In 2023, Marathon Digital also entered into an agreement to acquire two more data centers, which will increase its mining capacity to 900 megawatts and have over 45% of miners on its property. Thiel expressed optimism for the company's future, stating that the most exciting times for the organization are still to come.