Marathon reports record $337.2 million net income in Q1 2024

Marathon
Digital
Holdings
reported
a
record
net
income
of
$337.2
million
in
2024’s
first
quarter.

The
firm’s
quarterly
net
income,
published
in
its

May
9
earnings
report,
represents
184%
year-over-year
growth
from
$118.7
million
in
the
first
quarter
of
2023.

EPS
for
the
quarter
stood
at
$1.26
per
diluted
share

The
company
reported
record
revenues
of
$165.2
million
in
the
first
quarter
of
2024,
representing
223%
year-over-year
growth
from
$51.1
million.

Marathon
holds
$1.6
billion
in
combined
unrestricted
cash,
cash
equivalents,
and
Bitcoin
as
of
March
31.

Mining
output

Marathon
also
described
increased
Bitcoin
output
and
infrastructure
growth.

The
company
produced
2,811
BTC
during
the
first
quarter,
worth
$176
million
at
current
market
prices.
In
the
first
quarter
of
2023,
it
produced
2,195
BTC,
marking
28%
year-over-year
growth.

The
company
reported
an
energized
hash
rate
of
27.8
exahashes
per
second
(EH/s),
up
142%
from
11.5
EH/s
in
the
first
quarter
of
2023.

Marathon
aims
to
achieve
50
EH/s,
or
100%
growth
in
hash
rate,
by
the
end
of
2024.

Marathon
also
closed
several
data
center
acquisitions,
doubling
its
digital
asset
compute
capacity
to
1.1
gigawatts.
More
than
half
of
the
full
amount
exists
on
sites
that
the
company
directly
owns
or
operates.

Marathon
enters
S&P
rankings

Marathon’s
latest
results
come
shortly
after
the
firm’s

addition
to
the
S&P
SmallCap
600.
Marathon
stock
(MARA)
gained
18%
alongside
the
development
on
May
6.

The
firm’s
latest
earnings
report
has
not
coincided
with
such
a
dramatic
price
change.
MARA
was
down
2.19%
on
May
9
but
up
1.22%
after
hours
following
its
earnings
release.

Despite
minor
losses,
Marathon
Digital
Holdings
remains
the
largest
publicly
traded
Bitcoin
mining
firm,
with
a
market
cap
of
$5.36
billion.

Marathon’s
competitors
have
also
published
recent
reports.
Core
Scientific
reported
$210.7
million
in
net
income
and
2,825
BTC
mined
in
the
first
quarter
on

May
9.
Stronghold
reported
increased
earnings
but
a
low
valuation
and
possible
sale
on

May
2.
Cleanspark
reported
monthly
data
on

May
3.

Mentioned
in
this
article