Marathon Digital's Revenue Soars 670% to $97.8M as Bitcoin Mining Production Jumps 467%
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Marathon Digital's revenue surged 670% year-over-year in Q3 2023 to $97.8 million, fueled by a 467% increase in Bitcoin production.
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Bitcoin production jumped from 6.7 mined BTC per day in Q3 2022 to 37.9 BTC per day in Q3 2023. Hashrate also rose 403%.
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Part of the hashrate boost came from a new 27 MW hydro-powered mining facility in Paraguay.
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Marathon reduced long-term debt by 56% through a $417 million note exchange, capturing over $100M in cash savings.
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Marathon aims to boost hashrate further, targeting 26 EH/s soon and 30% more in 2024. Its current hashrate is 23.1 EH/s.