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Published on: February 28, 2024 at 5:45 PM ET
Marathon Digital Holdings’ stock price has risen sharply over the past month, but has calmed down following the company’s latest financial results.
Marathon Digital Mara’s stock price fell more than 11% in after-hours trading on Wednesday, even as the Bitcoin mining company turned a profit. The stock price has risen 74% in the past month and 151% in the past three months as the Bitcoin price BTCUSD soars.
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Marathon Digital Holdings’ stock price has risen sharply over the past month, but has calmed down following the company’s latest financial results.
Marathon Digital stock
Mara
Despite the Bitcoin mining company turning a profit, it fell more than 11% in after-hours trading on Wednesday.Similar to Bitcoin price, the stock is up 74% in the past month and 151% in the past three months
BTCUSD
There has been a sudden increase.
read: Bitcoin is nearing all-time highs, but this rally is very different from the record rally in 2021
Marathon’s fiscal fourth quarter net income was $151.8 million, or 66 cents per share, compared with a net loss of $391.6 million, or $3.13 per share, in the year-ago period. The year-ago period included more than $300 million in mining equipment impairments and vendor advances.
Revenue for the most recent quarter was $156.8 million, up from $28.4 million in the year-ago period. Analysts had expected $148.8 million.
“Given our momentum, our strong balance sheet, and the differentiators we are building in our technology stack, we are optimistic that the most exciting times for our organization are yet to come.” Fred Thiel said in a release.
The company produced 4,242 Bitcoins in the fourth quarter, compared to 1,562 Bitcoins in the same period last year. The company claims that the efficiency of its vehicles has increased by 21%.
Marathon reduced its debt by 56% and discounted its face value by 21% to $331 million.
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Thiel said Marathon plans to increase its hash rate to about 35 to 37 exahashes in 2024, from just under 25 exahashes in 2023. An exahash is a unit of measurement of computing power. By the end of 2025, Marathon is expected to reach 50 Exahash.
“With 22 exahash orders already in place for miners and the option to add an additional 23 exahash to these orders, we believe there may be an opportunity to accelerate our growth goals,” he said. Ta.
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