Summary by Futu AI
Marathon Digital reported Q3 2024 revenue of $131.6 million, up 35% year-over-year, driven by a 116% higher average bitcoin price despite reduced production post-halving. The company produced 2,070 bitcoin during the quarter at an average of 22.5 BTC per day, with mining costs per petahash improving 18% to $37.1. However, net loss widened to $124.8 million from $0.4 million last year.The company made strategic shifts during Q3, adopting a full bitcoin holding approach and purchasing $349 million worth of BTC using cash and proceeds from newly issued convertible notes. Total bitcoin holdings reached 26,747 BTC valued at $1.69 billion as of quarter-end. Operating expenses increased significantly to $105.2 million, including a $58.2 million loss on derivative instruments and $10.3 million in early termination costs.Looking ahead, Marathon aims to double its compute capacity in 2024 targeting 50.0 exahash. The company maintained strong liquidity with $164.3 million in cash and $1.71 billion in digital assets. Post quarter-end, Marathon secured a $200 million bitcoin-collateralized credit line and acquired additional data centers with 372 megawatts of total approved capacity in Ohio.
