Marathon Digital Holdings releases fourth quarter and fiscal 2023 financial results highlighting impressive performance in revenue, net profit and BTC production。

In the fourth quarter of 2023, Marathon Digital reported revenue growth of 452% compared to the same period in 2022。The company sold 56% of the bitcoins it produced during the quarter to fund operating costs and strengthen its finances.。

Similarly, in fiscal 2023, Marathon Digital's revenue surged 229% to 3.$8.8 billion record high。The company experienced a remarkable turnaround in net profit, soaring to 2.$61.2 billion, or diluted EPS 1.06 USD。This is a significant improvement over last year's losses.。Adjusted EBITDA also showed impressive growth to 4.$19.9 billion。

Marathon Digital's Hash Rate and Bitcoin Production

Marathon Digital Computing Bitcoin Production Grows 253% to 24 by 2023.7 EH / s。In addition, Bitcoin production grew significantly, increasing by 210% to a record 12,852 BTC.。According to the press release, the company is working to optimize fleet efficiency and expand its mining portfolio.。

In addition, the company's debt was reduced by 56% to 3.$3.1 billion and increased its unrestricted cash and bitcoin holdings to 9.$9.7 billion。In addition, Marathon Digital has diversified its Bitcoin mining portfolio across 11 sites on three continents.。

Fred Thiel, chairman and CEO of Marathon Digital, said: "In 2024, we plan to increase our hashrate to approximately 35 to 37 exahash.。By the end of 2025, we plan to reach 50 exahash, which is about twice our current capacity。"

"With orders for 22 exahash miners already placed and the option to add an additional 23 exahash to these orders, we believe there may be an opportunity to accelerate our growth target."。"

Growth and expansion efforts

Last year, when Texas was hit by a heat wave and recession, Marathon Digital faced a challenge.。Bitcoin price has an impact on its production。This led to a 9% month-on-month decline in production in August.。The company posted an average daily production of 34.3 BTC, down from July data。

In addition to this, Marathon Digital's joint venture in Abu Dhabi contributed 50 bitcoins in August, marking progress on its goal of expanding to 7 exahash.。As of August 31, 2023, Marathon held a total of 13,286 BTC and plans further expansion and growth initiatives.。