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Finance

Marathon Digital’s Q4 Revenue Rises 17% From Q3, but Misses Estimates Slightly

Mined bitcoin in Q4 fell about 12% from the previous quarter, but rose more than 600% year-over-year.

By Aoyon Ashraf
AccessTimeIconMar 1, 2022 at 9:51 p.m. UTC
Updated May 11, 2023 at 4:07 p.m. UTC
Marathon Digital to Buy $121M of Mining Machines
Marathon Digital to Buy $121M of Mining Machines

Marathon Digital (MARA), one of the largest publicly traded bitcoin miners in North America, reported fourth-quarter revenue of $60.3 million, an increase of 17% from the previous quarter but slightly below analysts' average estimate of $60.9 million, according to FactSet data.

  • Adjusted earnings came in at $0.36 per share, just ahead of analysts' estimate of $0.35.
  • The miner produced 1,098 self-mined bitcoins in the fourth quarter, down about 12% from 1,252 bitcoins generated in the previous quarter but up about 600% from the year ago quarter, according to the company's earnings press release.
  • “While maintenance to the power generating station in Hardin, MT materially impacted our bitcoin production in November, we still produced 1,098 bitcoin in the fourth quarter and ended the year with our most productive month to date, producing 484.5 bitcoin in December alone,” Marathon Digital CEO Fred Thiel said in the release, referring to the company's data center in Montana.
  • Marathon held about 8,956 bitcoin as of Feb. 28, which at a market price of $43,193, was worth roughly $386.8 million, the company said.
  • “We believe Marathon remains well positioned to generate approximately 23.3 EH/s and for our mining operations to be 100% carbon neutral by early 2023,” Thiel added.
  • The miner generated $150.5 million in revenue in 2021, up sharply from $4.4 million in 2020.
  • Shares of Marathon Digital were up 0.4% in post-market trading Tuesday after rising nearly 3% during regular trading hours, while the price of bitcoin rose about 2% on Tuesday.
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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Aoyon Ashraf
    Aoyon Ashraf

    Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

    Follow @Aoyon_A on Twitter