Marathon Digital, in its report, stated that it mined 2,811 bitcoins (equivalent to approximately $176 million at current prices) in the first quarter of 2024. With the bitcoin price reaching a historical high during the same period, Marathon Digital’s profits increased to $337.2 million, a growth of 184% compared to the same period last year. Its revenue also rose to $165.2 million, a growth of 223% compared to the first quarter of 2023.
Marathon Digital stated that it sold 26% of the bitcoins produced during the quarter to cover operating costs. The company’s capital reserves of $1.6 billion include cash, cash equivalents, and bitcoins.
Marathon Digital’s stock price remained unchanged at $19.65 in after-hours trading.