Marathon Digital’s bitcoin mining yields a $176 million profit surge in Q1 2024.
The post Marathon Digital’s Bitcoin Mining Yields $176 Million Profit Surge in Q1 2024 appeared first on Cryptomantr News.
Marathon Digital stated that it mined 2,811 bitcoins worth $176 million in Q1. Net income increased by 184% compared to the previous year. Profits increased to $337.2 million amid Bitcoin’s record highs, with revenues hitting $165.2 million, a 223% rise from the first quarter of 2023. The business plans to achieve 50 exahash of hash rate by the end of 2024, leveraging recent acquisitions. In addition, it sold 26% of mined bitcoins to finance operating costs. Meanwhile, Bitcoin mining difficulty fell by 5.7%, the steepest decline in 18 months. However, Marathon Digital’s stock held unchanged at $19.65 in after-hours trade following the announcement.