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.
Mar 1, 2022 at 9:51 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/VMY5RTV2YNCG7EP5JAWCP45MZ4.jpg)
Marathon Digital to Buy $121M of Mining Machines
Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets
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.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
:format(webp)/www.coindesk.com/resizer/x7Fpg2u5-E87o7upb8Z79HEV8zQ=/arc-photo-coindesk/arc2-prod/public/3ADCOF7IRBHPPCBVLWSDPKQLKY.png)
Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/DACE5KUDHVER5A3U6E4AHY7H5Q.jpg)
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/5PVVPRTZRNBE5IG6CTHHPWYNVE.jpg)
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/P57IYS5OCVB3VJN2B6KXGINV6Q.jpg)
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/DV4HVORDCZGVNIP3DMJ6HQ6KW4.jpg)