Marathon Digital Holdings reported a record net income of $337.2 million in 2024’s first quarter.The firm’s quarterly net income, published in its May 9 earnings report, represents 184% year-over-year growth from $118.7 million in the first quarter of 2023.EPS for the quarter stood at $1.26 per diluted shareThe company reported record revenues of $165.2 million in the first quarter of 2024, representing 223% year-over-year growth from $51.1 million.Marathon holds $1.6 billion in combined unrestricted cash, cash equivalents, and Bitcoin as of March 31.Marathon also described increased Bitcoin output and infrastructure growth.The company produced 2,811 BTC during the first quarter, worth $176 million at current market prices. In the first quarter of 2023, it produced 2,195 BTC, marking 28% year-over-year growth.The company reported an energized hash rate of 27.8 exahashes per second (EH/s), up 142% from 11.5 EH/s in the first quarter of 2023.Marathon aims to achieve 50 EH/s, or 100% growth in hash rate, by the end of 2024.Marathon also closed several data center acquisitions, doubling its digital asset compute capacity to 1.1 gigawatts. More than half of the full amount exists on sites that the company directly owns or operates.Marathon’s latest results come shortly after the firm’s addition to the S&P SmallCap 600. Marathon stock (MARA) gained 18% alongside the development on May 6.The firm’s latest earnings report has not coincided with such a dramatic price change. MARA was down 2.19% on May 9 but up 1.22% after hours following its earnings release.Despite minor losses, Marathon Digital Holdings remains the largest publicly traded Bitcoin mining firm, with a market cap of $5.36 billion.Marathon’s competitors have also published recent reports. Core Scientific reported $210.7 million in net income and 2,825 BTC mined in the first quarter on May 9. Stronghold reported increased earnings but a low valuation and possible sale on May 2. Cleanspark reported monthly data on May 3.Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada’s West Coast.AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting. Get the latest crypto news and expert insights. Delivered to you daily.The current uncertainty in the market is being fueled by the impending Federal Open Market Committee’s (FOMC) decision on cutting interest rates.Embracing Bitcoin mining could be pivotal in Trump’s envisioned energy strategy.Miller argued that the flagship crypto remains vastly undervalued and predicts a major shift in global capital governance.The report highlights significant gaps in law enforcement’s ability to track and recover illicit digital assets moved via privacy coins, layer-2 networks, and crypto mixers. CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
