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Marathon Digital | 8-K: Marathon Digital Holdings Reports First Quarter 2024 Results

SEC announcement ·  May 10 05:06
Summary by Futu AI
On May 9, 2024, Marathon Digital Holdings, Inc. (Marathon Digital), a Nevada-based digital asset company, reported substantial growth in its financial results for the first quarter ended March 31, 2024. The company announced a 223% increase in revenues to $165.2 million, a 184% increase in net income to $337.2 million, and a 266% rise in adjusted EBITDA to $528.8 million. These record figures were attributed to a significant increase in the average price of bitcoin mined, higher bitcoin production, and revenues from hosting services following the acquisition of GC Data Center Equity Holdings, LLC. Marathon Digital also faced operational challenges, including equipment failures and weather-related curtailments, which impacted bitcoin production. Despite these challenges, the company sold 26% of the bitcoin produced to cover operating costs and benefited from the...Show More
On May 9, 2024, Marathon Digital Holdings, Inc. (Marathon Digital), a Nevada-based digital asset company, reported substantial growth in its financial results for the first quarter ended March 31, 2024. The company announced a 223% increase in revenues to $165.2 million, a 184% increase in net income to $337.2 million, and a 266% rise in adjusted EBITDA to $528.8 million. These record figures were attributed to a significant increase in the average price of bitcoin mined, higher bitcoin production, and revenues from hosting services following the acquisition of GC Data Center Equity Holdings, LLC. Marathon Digital also faced operational challenges, including equipment failures and weather-related curtailments, which impacted bitcoin production. Despite these challenges, the company sold 26% of the bitcoin produced to cover operating costs and benefited from the positive momentum in Bitcoin's value. Marathon Digital's hash rate increased by 142% to 27.8 EH/s, and the company introduced new products and services to support the Bitcoin ecosystem. The company's acquisitions have expanded its mining portfolio to over 1.1 gigawatts of capacity, with a target to reach 50 EH/s by the end of 2024. The financial results and future targets were discussed in a conference call and webcast held on the same day.

This announcement is a separate document:

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