- As Bitcoin halving approaches, Bitcoin production grew 467% year-on-year
- As Banklesstimes.com predicted, mining stocks have bounced back
One of the top performers in the third quarter of 2023 was Bitcoin mining company Marathon Digital Holdings (MARA). Its revenue increased by the impressive $670% year-on-year according to a press release, which comes against the backdrop of almost fivefold growth in Bitcoin production.
The quarterly results also show that Marathon achieved a profit in that time frame, with $64.1 million of net income.
467% BTC mining growth y/y
As Bitcoin halving approaches, the increase in Bitcoin production has been 467% year-on-year, up from 6.7 mined BTC in the third quarter of last year to 37.9 BTC in the same period of 2023. Marathon’s hashrate correspondingly grew by 403% in Q3/2023.
Also on November 8, Marathon announced a new, 27-megawatt hydro-powered mining facility in Paraguay, which has contributed to the increased hashrate.
The halving will take place in April next year. According to Marathon CEO Fred Thiel, the highly positive results helped augment the company’s balance sheet in anticipation of the Bitcoin halving event.
Debt reduction and cash savings for shareholders
Thiel also pointed out that his company reduced its long-term debt to 56% thanks to a $417 million note exchange completed in September. As a result, it generated more than $100 million in cash savings for shareholders. Marathon’s combined Bitcoin and cash holdings exceeded its debt at the end of Q3/2023 for the first time in two years.
Effect on MARA share price
In October, Banklesstimes.com wrote that MARA and fellow mining companies Riot Platforms and Hut 8 Mining’s stock prices performed poorly despite Bitcoin’s solid breakout. The flagship crypto formed extremely bullish patterns in October, characterized by a long straight line. In most periods, this is one of the most bullish signs in the market.
As Banklesstimes.com predicted, mining stocks bounced back in November.
