Marathon Digital’s Bitcoin Mining Yields $176M Profit Surge in Q1 2024

The post Marathon Digital’s Bitcoin Mining Yields $176M Profit Surge in Q1 2024 appeared first on Coinpedia Fintech News

Marathon Digital disclosed mining 2,811 bitcoins, valued at $176 million, in Q1. Net income soared 184% compared to the prior year. Amid Bitcoin’s record highs, profits surged to $337.2 million, with revenues reaching $165.2 million, witnessing an increase of 223% from Q1 2023. The company aims to energize 50 exahash of hash rate by the end of 2024, and leverage recent acquisitions. In addition, it sold 26% of mined bitcoins in order to cover the costs of operation. Meanwhile, Bitcoin mining difficulty fell 5.7%, which marked the steepest drop in 18 months. However, following the announcement, Marathon Digital’s shares remained steady at $19.65 in after-hours trading.