Bitcoin mining agency Marathon Digital Holdings noticed its income surge $670% year-on-year within the third quarter of 2023, amid a virtually five-fold enhance in Bitcoin manufacturing.

The outcomes noticed Marathon additionally swing to a quarterly revenue, with $64.1 million of web earnings within the third quarter, based on the agency’s Nov. 8 outcomes submitting.

The agency partly attributed the improved financial outcomes to a 467% spike in Bitcoin (BTC) manufacturing from 6.7 mined BTC per day in Q3 2022 to 37.9 BTC per day in Q3 2023. Equally, Marathon’s energized hashrate boosted 403% over the identical timeframe.

Marathon’s Q3 Earnings Launch is right here:
– Income of $97.8M, as a consequence of 467% enhance in #Bitcoin manufacturing and higher BTC costs.
– Adjusted EBITDA improves to $43.7M.
– 8% enhance in hash fee; increasing with hydro-powered ventures in Paraguay.
– Lengthy-term debt decreased by 56%,…

— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) November 8, 2023

A part of Marathon’s increase in hashrate got here from its new, 27-megawatt hydro-powered mining enterprise in Paraguay, which it introduced on Nov. 8.

Marathon’s CEO and chairman Fred Thiel mentioned the “vital progress” has helped strengthen the agency’s steadiness sheet forward of the Bitcoin halving occasion scheduled for April 2024.

A $417 million be aware alternate accomplished in September managed to scale back Marathon’s long-term debt to 56% and in doing so captured over $100 million in money financial savings for shareholders, Thiel famous, including:

“For the primary time in two years, our mixed money and bitcoin holdings exceeded our debt on the quarter’s finish.”

In the meantime, Marathon stays dedicated to rising its hashrate within the quick to mid-term.

Its put in hashrate presently sits at 23.1 exahashes per second however the agency is trying to increase that to 26 EH/s and an additional 30% in 2024.

Associated: Marathon, Riot amongst most overvalued Bitcoin mining stocks: Report

Marathon’s (MARA) share value fell 6.9% to $8.55 on Nov. 8 however rebounded 4.3% in after-hours trading following the discharge of Marathon’s earnings assertion, based on Google Finance.

MARA’s change in share value on Nov. 8 (together with after-hours trading). Supply: Google Finance.

Journal: Learn how to defend your crypto in a unstable market: Bitcoin OGs and specialists weigh