PANews reported on November 4th that, according to The Block, Nasdaq-listed MARA Holdings Inc (ticker symbol MARA) reported record earnings on Tuesday. The company's third-quarter profit reached $123 million, while revenue jumped 92% to $252 million, thanks to rising Bitcoin prices and improved operational efficiency. This represented a significant turnaround from a $125 million loss in the same period last year, driven by a 64% increase in computing power and lower electricity costs. The company mined 2,144 bitcoins during the quarter and currently holds 53,250 bitcoins, worth nearly $5.6 billion at current prices. This places MARA second among all known publicly held bitcoin reserves, behind only Strategy. Adjusted EBITDA rose to nearly $400 million as the company focuses on acquiring more energy infrastructure and reducing hosting fees. MARA ended the quarter with $6.8 billion in cash and bitcoins and reaffirmed its goal of achieving a total hashrate of 75 EH/s by the end of the year, an improvement of approximately 25% from current levels.PANews reported on November 4th that, according to The Block, Nasdaq-listed MARA Holdings Inc (ticker symbol MARA) reported record earnings on Tuesday. The company's third-quarter profit reached $123 million, while revenue jumped 92% to $252 million, thanks to rising Bitcoin prices and improved operational efficiency. This represented a significant turnaround from a $125 million loss in the same period last year, driven by a 64% increase in computing power and lower electricity costs. The company mined 2,144 bitcoins during the quarter and currently holds 53,250 bitcoins, worth nearly $5.6 billion at current prices. This places MARA second among all known publicly held bitcoin reserves, behind only Strategy. Adjusted EBITDA rose to nearly $400 million as the company focuses on acquiring more energy infrastructure and reducing hosting fees. MARA ended the quarter with $6.8 billion in cash and bitcoins and reaffirmed its goal of achieving a total hashrate of 75 EH/s by the end of the year, an improvement of approximately 25% from current levels.
MARA Holdings reported a record profit of $123 million in the third quarter.
PANews reported on November 4th that, according to The Block, Nasdaq-listed MARA Holdings Inc (ticker symbol MARA) reported record earnings on Tuesday. The company's third-quarter profit reached $123 million, while revenue jumped 92% to $252 million, thanks to rising Bitcoin prices and improved operational efficiency. This represented a significant turnaround from a $125 million loss in the same period last year, driven by a 64% increase in computing power and lower electricity costs.
The company mined 2,144 bitcoins during the quarter and currently holds 53,250 bitcoins, worth nearly $5.6 billion at current prices. This places MARA second among all known publicly held bitcoin reserves, behind only Strategy. Adjusted EBITDA rose to nearly $400 million as the company focuses on acquiring more energy infrastructure and reducing hosting fees. MARA ended the quarter with $6.8 billion in cash and bitcoins and reaffirmed its goal of achieving a total hashrate of 75 EH/s by the end of the year, an improvement of approximately 25% from current levels.
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