Bitcoin

<a href="https://ultramining.com/news/en/marathon-digital-to-boost-energy-efficiency-with-s19-xp-miners/">Marathon</a> Digital Holdings, Inc. (NASDAQ:MARA), a leader in the Bitcoin mining sector, reported outstanding financial results for the fourth quarter and the entire fiscal year of 2023, marking significant year-over-year improvements in both revenue and bitcoin <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/">production</a>, according to <a href="https://ir.mara.com/news-events/press-releases/detail/1345/marathon-digital-holdings-reports-fourth-quarter-and-fiscal">Mara</a>. 
Key highlights of Marathon's fiscal year 2023 include a 229% increase in revenue, achieving a record $388 million, and a noteworthy turnaround in net income, reporting $261.2 million or $1.06 per diluted share, compared to the previous year's net loss. The company's Adjusted EBITDA saw a dramatic improvement to $419.9 million, and bitcoin production surged by 210% to a record 12,852 bitcoins. 
Operational advancements were evident as Marathon increased its energized <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/">hash rate</a> by 253% to 24.7 EH/s, up from 7.0 EH/s in 2022. This growth is attributed to the energization of the company's previously purchased mining rigs and optimizations in performance. The company also reduced its debt by 56% to $331 million, which resulted in significant cash savings of $101 million or $0.55 per share. 
Fred Thiel, Marathon's CEO, expressed that 2023 was a record year where the company met its primary goals and grew its hash rate to 24.7 exahash. Looking ahead to 2024, Marathon plans to increase its hash rate to approximately 35 to 37 exahash and aims to reach 50 exahash by the end of 2025, potentially doubling its current capacity. With orders and options in place for future exahash increases, the company is well-positioned to accelerate its growth targets. 
Marathon's strategic approach, including the acquisition of two <a href="https://ultramining.com/news/en/crypto-miners-shift-gears-ai-is-the-new-gold-rush/">data centers</a>, has diversified its bitcoin mining portfolio across 11 sites on three continents. This expansion has increased Marathon's mining capacity to over 900 megawatts, with 45% of this capacity directly owned by the company. 
The fourth quarter of 2023 alone saw Marathon producing 4,242 bitcoins, surpassing the total production of fiscal 2022 and generating $156.8 million in revenue, a 452% increase from the same period last year.

Marathon Digital Holdings Posts Record Revenue and Bitcoin Production in Fiscal Year 2023

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