Marathon Digital Holdings, a prominent Bitcoin mining company, has announced a remarkable financial performance in the third quarter of 2023.
The company reported a substantial 670% year-on-year increase in profit, primarily driven by a nearly five-fold rise in Bitcoin production.
In the third quarter of 2023, Marathon achieved a net income of $64.1 million, equivalent to $0.35 per diluted share.
This impressive turnaround represents a significant improvement compared to the same period in the previous year when the company reported a net loss of $72.5 million, or $0.62 loss per share.
Revenues for the third quarter of 2023 reached $97.8 million, marking a substantial increase from the third quarter of 2022 when revenues were $12.7 million.
