Marathon quarterly report: Bitcoin miner presents record figures
Although Bitcoin has recently undergone a major correction, the cryptocurrency continues to deliver impressive gains in the longer term.
Although Bitcoin has recently undergone a major correction, the cryptocurrency continues to deliver impressive gains in the longer term. The miners also benefit from this. Marathon Digital Holdings (MARA), the largest publicly traded Bitcoin miner in the world, has now published its fourth quarter 2024 figures – and they are breaking records once again.
The company's revenue rose 37% to $214 million in just one quarter. Over the full year, growth was as high as 69%, resulting in annual revenue of $656 million. But the most striking achievement is the increase in net profit, which shot up 248% to $528 million in the fourth quarter. Remarkably, this profit is even higher than turnover. This is because Marathon holds significant amounts of Bitcoin in reserve, the increase in value of which directly contributes to the company's profits.
The Florida company is also making big steps in the field of Bitcoin accumulation. In addition to the 2,492 BTC it mined in the fourth quarter, Marathon purchased another 15,574 Bitcoin. The company now owns 45,659 BTC, with a total market value of $3.9 billion. This makes Marathon the second largest listed Bitcoin holder in the world, after MicroStrategy.
In July 2024, Marathon announced its Full-Hodl strategy. This means that the company is committed to no longer selling Bitcoin that it mines itself. In addition, it will occasionally purchase additional Bitcoin on the open market and add it to its reserves.
Marathon continues to grow not only financially, but also operationally. The hashrate – a measure of the computing power of the mining network – increased by 115% in one quarter to 53.2 EH/s. In addition, the company is working on vertical integration of its activities: 70% of the mining farms used are now privately owned, which further increases control and efficiency.
