The bitcoin miner's profits and revenues rose as it stockpiled cash and bitcoin to increase its liquidity to $1.6 billion.
Marathon Digital reported that it mined 2,811 bitcoin, roughly $176 million at current prices, during the first quarter of this year, according to an earnings statement.
With the price of bitcoin achieving an all-time high during the same period, Marathon Digital also boosted profits to $337.2 million, an 184% increase compared to the same period a year ago. Revenues climbed to $165.2 million, a 223% gain from the first quarter of 2023. "With the expansion capacity we have gained from our recent acquisitions, with 45 additional exahash of capacity available to us between current orders and options, and with $1.6 billion of liquidity, we are now targeting 50 exahash of energized hash rate by the end of 2024," the company said in its statement.Marathon Digital said it "sold 26% of the bitcoin it produced during the quarter to fund operating costs." The company's $1.
On Thursday, bitcoin mining difficulty dropped 5.7%, the largest negative adjustment in nearly 18 months. The company's shares were flat in after-hours trading at $19.65, according to Yahoo Finance.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures.
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