Summary by Futu AI
Marathon Digital, a leading cryptocurrency mining company, reported significant financial and operational growth for the year ended December 31, 2023. The company's total revenues surged to $387.5 million, a 229.1% increase from the previous year's $117.8 million, primarily driven by a substantial rise in bitcoin production and higher bitcoin prices. Net income for the year was $261.2 million, a dramatic turnaround from the previous year's net loss of $694.0 million. This improvement was largely attributed to gains on digital assets of $331.5 million under the new fair value model and a net gain from extinguishment of debt. The company mined 12,852 bitcoin, marking a 210.1% increase over the prior year, and operated approximately 210,000 mining rigs globally. Marathon's future plans include the commencement of a new at...Show More