Summary
- MARA Holdings said it turned profitable in Q3, recording net income of $123 million.
- It reported its operating hashrate rose 64% year-on-year and bitcoin holdings nearly doubled.
- Through the partnership with MPLX it will build data center and power facilities in Texas and plans to expand beyond bitcoin mining into artificial intelligence and high-performance computing.
Bitcoin mining company MARA Holdings' Q3 net income was $123 million.
On the 4th (local time), according to CoinDesk, MARA Holdings said in its Q3 earnings release, "This quarter recorded revenue of $252 million and net income of $123 million." It turned profitable from a net loss of $125 million in the same period last year. The company's operating hashrate was 60.4 EH/s, a 64% year-on-year increase, and its bitcoin (BTC) holdings nearly doubled to 52,850.
It also said it will build an integrated data center and power facility in West Texas in partnership with MPLX, a subsidiary of oil company Marathon Petroleum.
The project will start at an initial 400 megawatts (MW) and expand up to 1.5 gigawatts (GW). MPLX will supply gas produced at natural gas processing facilities in the Delaware Basin, and MARA Holdings plans to use it to power the data center and support MPLX's regional energy reliability.
Maryann Mannan, MPLX CEO, said, "This partnership is a strategic move to strengthen the natural gas value chain. It will improve regional infrastructure efficiency."
Fred Thiel, MARA Holdings CEO, said, "We can build efficient, high-performance data centers by utilizing local low-cost gas," and expressed the ambition that "in the future, it will expand from a bitcoin-mining-focused structure into artificial intelligence (AI) and high-performance computing (HPC) fields."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
