US Bitcoin Mining Giant Marathon Digital Reports 228% Revenue Boost In 2023

2023-9-6 17:30

A Bitcoin mining firm in the United States Marathon has released its financial results for the second quarter of 2023. The report revealed an impressive 228% rise in revenue compared to the same period in 2022. 

The company disclosed a profit of $23.4 million derived from selling 63% of the Bitcoin mined during the quarter, which was utilized to cover operational expenses. Additionally, they reported impairment charges amounting to $8.4 million related to their digital assets’ valuation.

Report Shows Marathon Still Holds 13,286 BTC In Treasury

As of August 31, 2023, Marathon held 13,286 Bitcoin (BTC), with 13,111 BTC available without restrictions. During August, the company sold 750 BTC with plans to continue selling portions of its Bitcoin holdings in the future. 

These sales will serve various purposes, including supporting monthly operational needs, managing their treasury, and covering general corporate expenses. Additionally, Marathon occasionally uses some of its Bitcoin for treasury-related activities. 

At the end of August 2023, the company had $111.2 million in cash and cash equivalents on its balance sheet, with $105.5 million being unrestricted. 

The combined balance of unrestricted cash and cash equivalents, as well as Bitcoin, has increased significantly. It has grown from $201.5 million to $445.5 million compared to last year.

Bitcoin Mining Rate for Marathon Declines 9% In August

In August 2023, Marathon Digital Holdings experienced a 9% reduction in its Bitcoin (BTC) mining output. The primary reason for this decline was a slow in its Texas operation caused by exceptionally high temperatures. 

Despite these challenges, the company acquired additional mining hardware, contributing to a substantial production of 1,072 BTC for the month, as outlined in its most recent mining operations report.

In a press release on September 5, Marathon provided unaudited information regarding August’s Bitcoin (BTC) production and miner installation progress. 

According to the announcement, the company achieved a 2% month-over-month increase in its operational hash rate in the United States, reaching 19.1 exahashes in August. Additionally, its installed hash rate saw a 1% month-over-month rise, reaching 23.1 exahashes. 

This growth was attributed to the company’s decision to upgrade its mining equipment from Bitmain Antminer S19j Pro models to more efficient S19 XP models. Marathon’s initial goal is reaching a domestic hash rate of 23 exahashes. 

Its new objective is to attain a hash rate of 30 exahashes. The company plans to achieve this by securing two exahashes through international facilities and five exahashes through contracts with external entities.

Marathon Sets To Expand Its Mining Capacity

Marathon is finalizing documentation for its upcoming Garden City, Texas, mining facility. Furthermore, their joint venture in Abu Dhabi mined 50 Bitcoin in August.

Regarding the decline in Bitcoin production, Marathon CEO Fred Thiel attributes it primarily to adverse weather conditions, as mentioned above. Thiel stated that the reduction in Bitcoin production from July was mainly a result of heightened curtailment actions in Texas due to historically high temperatures. 

Thiel said these temporary shutdowns outweighed the firm’s improvements in boosting the operational hash rate and general operations. As Bitcoinist reported, Bitcoin miners contributed to the Texas electrical grid, offsetting negative impacts from high temperatures during the summer. 

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Speed Mining Service (SMS) на Currencies.ru

$ 1.9622 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $1.9622 - H: $1.9622
Капитализация $205.406k Rank 99999
Доступно / Всего 104.68k SMS

revenue mining bitcoin 228 2023 marathon revealed

revenue mining → Результатов: 126


Nvidia Ethereum Mining GPUs Underperformed in Q2, Reveals Financial Report

According to Nvidia’s Q2 earnings report, Ethereum mining GPUs didn’t perform up to expectations. And that’s despite the company noticing a record 68% increase in total revenues. Nvidia Q2 Revenue Surges 68%, While Crypto Mining Cards Underperform Nvidia has announced the financial report for second quarter of fiscal year 2022. As per the report, the […]

2021-8-19 22:00


Фото:

Bitcoin Miners Earn Over $1 Million per Hour — Revenue Increases 185% Since the 2020 Halving

Bitcoin miners have been yielding a very profitable year in monthly revenues, as the latest onchain data shows significant figures at its highest levels since 2019. Hourly Bitcoin Mining Revenues Hits 2019 Highs According to Glassnode, BTC miners are currently earning $1 million per hour, meaning an increase of 185% since the halving happened in […] The post Bitcoin Miners Earn Over $1 Million per Hour — Revenue Increases 185% Since the 2020 Halving appeared first on Bitcoin News.

2020-12-31 20:45


Фото:

Argo Reports 23% Monthly Revenue Increase, With 2,369 Bitcoin Mined Since January

Bitcoin miner Argo Blockchain reported Thursday that revenue climbed 23% to £1.48 million ($1.98 million) in November compared to £1.2 million ($1.6 million) the previous month. ● The London Stock Exchange-listed firm mined less bitcoin (BTC) in November (115 BTC) than it did in October (126 BTC) “due to changes in mining difficulty”, but bitcoin’s […] The post Argo Reports 23% Monthly Revenue Increase, With 2,369 Bitcoin Mined Since January appeared first on Bitcoin News.

2020-12-5 18:00


OKEx Jumpstart Mining Opens New Revenue Generation Avenues for OKB Holders, ZYRO Becomes First Staking Project

OKEx Jumpstart, the cryptocurrency project accelerator operated by global crypto spot and derivatives exchange OKEx now supports mining on its platform. According to the announcement, the feature will allow OKB token holders to stake their tokens 14 days before the listing of a new Jumpstart project for a chance to gain rewards and staking incentives. […]

2020-9-10 16:15