- According to Marathon Digital, in the first quarter of 2024, it mined 2,811 bitcoin, or almost $176 million at today’s values.
- In addition, the business reported that net income increased by 184% over the same time last year.
According to an earnings statement, Marathon Digital stated that it mined 2,811 bitcoin in the first quarter of this year, or around $176 million at current prices.
Marathon Digital’s profits increased to $337.2 million over the same period last year, an 184% rise over the same period the previous year, as the price of bitcoin reached an all-time high. Revenues increased by 223% from the first quarter of 2023 to $165.2 million.
We are now targeting 50 exahash of energized hash rate by the end of 2024 with the expansion capacity we have gained from our recent acquisitions, 45 additional exahash of capacity available to us between current orders and options, and $1.6 billion of liquidity, the company stated in its statement.
According to Marathon Digital, it “sold 26% of the bitcoin it produced during the quarter to fund operating costs.” Cash, cash equivalents, and bitcoin are included in the company’s $1.6 billion in capital reserves, the statement said.
The biggest decline in mining difficulty for Bitcoin in almost eighteen months occurred on Thursday, when it fell by 5.7%.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
