Bitcoin Digital Marathon Mining Company Revenue Soared 223% In The First Quarter Of 2024

The largest Bitcoin mining company, Marathon Digital Raup cuan in the first quarter of 2024. (Photo; Doc. EUCENTral)

JAKARTA The Digital Marathon, a company engaged in Bitcoin mining, recorded impressive growth in the first quarter of 2024. The company's revenue jumped to 223% compared to the previous year, while the hash rate increased by 142% thanks to new products and acquisitions made.

However, in its financial statements, Marathon Digital must acknowledge their revenue has not reached expectations set by Wall Street analysts.

Digital Marathon revenue reached US$165.2 million in the first quarter of 2024, up sharply from the previous year. However, this figure is still below the projected US$193.9 million that has been set. Zacks investment analyst firm notes that the company has not yet reached the expected revenue target.

During the same period, Marathon Digital managed to mine 2,811 BTC (Bitcoin), with a total value of 176.7 million US dollars. Although this marks an increase of 28% from the previous year, the number of BTC mined has decreased by 34% compared to the fourth quarter of 2023.

Marathon CEO Fred Thiel explained that production challenges were mainly caused by several factors. First, there was an unexpected equipment failure, especially transformers on sites hosted by third parties. Second, high weather disturbances in various locations, including the Garden City site in Central Texas and other locations. Third, maintenance of transmission lines by utility companies.

However, Marathon Digital managed to overcome this obstacle and continued to operate at the highest record of 27 exahashes per second. Thiel insists that the company has an ambitious target of reaching 50 EH/s (exahashes per second) by the end of the year, which is a revision up from the previous target of 35 to 37 EH/s by the end of April.

In addition to facing production challenges, Marathon Digital also introduced new products during the first quarter. Slipstream, for example, aims to increase the speed of Bitcoin transactions. In addition, the MARA UBC 2100 control board is designed to increase mining efficiency.

Through a strategic acquisition, Marathon has expanded mining capacity to 1.1 and is currently operating at 54% of its total capacity. This demonstrates the company's commitment to continuing to innovate and strengthen its position in the world of Bitcoin mining.