Marathon Digital reported that the company’s net income for the third quarter of 2023 amounted to $64.1 million. For comparison, in the same quarter last year, the company reported a loss of $72.5 million. The total revenue for the reporting period was $97.8 million, a significant increase from $12.7 million, driven by almost a fivefold increase in Bitcoin mining and a 32% rise in the value of the first cryptocurrency.
Currently, Marathon Digital mines 37.9 BTC per day, whereas in the third quarter of the previous year, the figure was only 6.7 BTC per day. The company’s equipment hash rate increased by 403%. One of the growth drivers was the launch of a 27 MW farm in Paraguay, powered by a hydroelectric power station. The hash rate reached 23.1 EH/s, and the company plans to further increase it by 30% in 2024.
Additionally, the company managed to reduce its long-term debts by 56% through the exchange of promissory notes totaling $417 million in September.
