Marathon Digital Holdings has released its financial results for the fourth quarter and fiscal year 2023, highlighting impressive performance in revenue, net income, and BTC production.

During the fourth quarter of 2023, Marathon Digital reported an increase of 452% in revenue compared to the same period in 2022. The company sold 56% of the Bitcoins it produced during the quarter to fund operating costs and strengthen its financial position.

Similarly, during the fiscal year 2023, Marathon Digital's revenue soared 229% to an all-time high of $388 million. The company's net income experienced a remarkable turnaround, surging to $261.2 million, or $1.06 per diluted share. This was a significant improvement from the previous year's loss. Adjusted EBITDA also showed impressive growth, reaching $419.9 million.

Marathon Digital’s Hash Rate and Bitcoin Production

Marathon Digital's hash rate experienced an expansion of 253%, reaching 24.7 EH/s in 2023. Additionally, Bitcoin production saw substantial growth, rising 210% to a record 12,852 BTC. According to the press release, the company is focusing on optimizing fleet efficiency and expanding its mining portfolio.

Besides that, the company reduced debt 56% to $331 million and increased its combined unrestricted cash and Bitcoin holdings to $997 million. Additionally, Marathon Digital diversified its Bitcoin mining portfolio across 11 sites on three continents.

Fred Thiel, Marathon Digital’s Chairman and CEO, mentioned: "In 2024, we plan to grow our hash rate to approximately 35 to 37 exahash. By the end of 2025, we plan to be at 50 exahash, approximately double our current capacity."

"With orders for 22 exahash of miners already placed and options to add an additional 23 exahash to these orders, we believe there may be opportunities to accelerate our growth targets."

Growth and Expansion Efforts

Last year, Marathon Digital faced challenges when heatwaves in Texas and declining Bitcoin prices took a toll on its production. This resulted in a decrease of 9% in production in August compared to the previous month. The firm posted an average daily output of 34.3 BTC, down from July's figures.

Besides that, Marathon Digital's joint venture in Abu Dhabi contributed 50 Bitcoins in August, marking progress toward its goal of scaling up to 7 exahashes. As of August 31, 2023, Marathon held a total of 13,286 BTC, with plans for further expansion and growth initiatives.