Digital Marathon Sets New Record In Quarter Revenue Thanks To Bitcoin Mining

Digital Marathon Revenue tripled. (Doc; Photo. Bitcoin News)

JAKARTA - Digital Marathon, one of the largest Bitcoin mining companies in the world, has published quarterly earnings reports and managed to beat analysts' predictions with a fairly good margin. However, ironically, Marathon's share price fell 3.5% to US$48.7 (Rp765,000) after the announcement.

Although Marathon Digital didn't really have any trouble last year, crypto winter, aka crypto winter, of course, slightly dampened the company's plans, as did US capital market regulator Securities and Exchange Commission (SEC), which targeted the company among other crypto companies. The SEC suspects Marathon Digital is against regulation.

However, Digital Marathon has recovered since then. Earlier this year, the company reported that its Bitcoin mining results have tripled compared to 2022. Since then, the company's results have improved. Digital Marathon is now proud to report total EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for 2023 amounting to US$419.9 million (Rp6.6 trillion), up 177% from the previous year. With debt also reduced 56%, the company can also boast of net income of US$261.2 million (Rp4.1 trillion).

From a technical point of view, Digital Marathon continues to increase its Bitcoin mining effort by 210% and increases its hash rate to 24.7 EH/s (exahash per second). This is an increase of 253% compared to last year. For information only, the hash rate is a measure of the computational power used to mine Bitcoin. The higher the hash rate, the greater the chance of finding a new block and getting a Bitcoin prize. After all technical indicators are taken into account, this Bitcoin mining company successfully generated a total of 12.852 Bitcoins worth 804 million US dollars (Rp12.6 trillion) during 2023.

"2023 is a record-breaking year [previously] for Marathon, where we achieved our primary goal of increasing the number of mining rigs that were previously purchased and optimizing our performance," said Marathon CEO and chairman Fred Thiel, who has served since May 2021., quoted from CryptoPotato.

Thiel has a vision to make Marathon the largest and most efficient Bitcoin mining company in the world, with a mission to support adoption and innovation in the crypto ecosystem.

Although the company has recorded outstanding results over the past year - especially in the last quarter - Thiel stated that this is only the beginning of a good period. By 2024, we plan to increase our hash rate to around 35 to 37 exahash. By the end of 2025, we plan to reach 50 exahash, which means about double the current capacity. With a hash rate of 50 exahash, Digital Marathon can mine around 30,000 Bitcoins per year, assuming the level of Bitcoin network difficulty remains constant.