American mining company Marathon Digital Holdings reported $64.1 million in net income in the third quarter. By comparison, a loss of $72.5 million was recorded for the same period last year.
The company's total revenues in the third quarter amounted to $97.8 million. Revenue for the corresponding period last year was $12.7 million.
The company attributed the sharp rise in earnings to higher bitcoin production, driven by roughly a fivefold increase in installed capacity, and a 32% rise in cryptocurrency prices during the reporting period.
Marathon Digital sold 66% of the 3,490 BTC mined in the third quarter to cover operating costs, earning a profit of $31.7 million.
“We have made significant progress in executing our strategic priorities for 2023,” said Chief Executive Fred Thiel.
Among the achievements he cited:
- an 8% increase in the hardware hashrate over the quarter;
- providing power to a new facility in Garden City, New York;
- an increase in equipment uptime;
- the start of a joint venture in the UAE.
Thiel added that the company has significantly strengthened its financial position, substantially reducing its debt burden. In his view, this will help prepare for the expected Bitcoin halving in April 2024. On the company's balance sheet are 13,396 BTC worth about $483.8 million, according to Bitcoin Treasuries.
Competitor Marathon Digital — Riot Platforms — also published its third-quarter results. It reported total revenue of $51.9 million, up from $46.3 million for the corresponding period last year.
Earlier ForkLog reported the launch in Paraguay of a 27 MW facility powered by 100% renewable hydroelectric power. Also in early November Marathon Digital announced a pilot project to mine Bitcoin using renewable energy with methane captured at landfills.