Leading innovator in digital asset technology, Marathon Digital Holdings, Inc. (NASDAQ: MARA (MARA)), released its first-quarter financial results for 2024, showing significant progress. With revenues of $165.2 million, the company experienced a 223% increase. from $51 million in 2023 to a 400% rise.
Faster Bitcoin Transactions
During this quarter, Marathon unveiled a number of innovative, cutting-edge products, such as the MARA UBC 2100 control board, which aids in enhancing Bitcoin mining efficiency, and Slipstream, a solution to faster Bitcoin transactions.
The business has increased its mining capacity through smart acquisitions, operating at 54% of capacity share and reaching 1.1 capacity.
The hash rate surged to 27.8 EH/s, up 142% from the previous year, which is positively correlated with the higher revenue. At 2,811 BTC, this is equivalent to 28% of the total Bitcoin that miners have produced. 184% more net income was earned, or $1.26 per diluted share, or $337.2 million—a 140% gain. Main causes of this were company expansions and the surge in Bitcoin.
Also read: Marathon Digital Stock Skyrockets Following S&P Index Inclusion
