248 percent more profit.
With a market capitalization of USD 4.6 billion, Marathon Digital is the largest listed Bitcoin miner in the world. The company is now presenting new business figures.
Bitcoin has recently corrected sharply. But if you only look a little further, the cryptocurrency is still conjuring up fabulous profits on the portfolio. Miners are also benefiting from this. Marathon Digital Holdings (MARA) is now presenting figures for the fourth quarter of 2024 - and setting new records.
The company's revenue rose by 37% to USD 214 million within one quarter and by as much as 69% to USD 656 million for the year as a whole.
The management was even able to increase net profit by 248 percent to USD 528 million in the fourth quarter. Unusually, the company's profit is higher than its turnover. This can be explained by the increase in value of the coins held in reserve.
The Florida-based company is also making huge strides in terms of BTC accumulation. In addition to the 2,492 BTC mined in Q4, Marathon purchased a further 15,574 Bitcoin.
With 45,659 BTC worth a total of USD 3.9 billion, Marathon is the second-largest listed Bitcoin hodler in the world after Microstrategy.
In July 2024, Marathon announced its full-hodl strategy. In addition to a commitment not to sell any more mined coins, the company intends to occasionally buy more bitcoins on the open market and add them to its reserve.
Marathon has also been able to increase its hashrate. The company managed by Fred Thiel now maintains 53.2 EH/s - an increase of 115 percent in one quarter.
The company is also working on the vertical integration of its business activities. 70 percent of the mining farms used are now owned by the company.
Despite the solid business figures, the share price is not budging. At the time of writing, MARA is trading at USD 13.7 - a year-on-year fall of 42%.
During the same period, the Bitcoin price grew by 37 percent.
