MARA Holdings, Q3 revenue 252 million dollars…up 92% year-on-year

JH Kim

Summary

MARA Holdings said its Q3 revenue was 252 million dollars and net income was 1.223 billion dollars, marking significant year-on-year growth.
It cited improved Bitcoin mining efficiency, expanded hashrate, and an increase in the value of held BTC as the main reasons for the performance improvement.
MARA Holdings said it will continue its profitability-strengthening strategy by expanding mining infrastructure, improving power efficiency, and targeting a hashrate of over 50 EH/s by 2025.

Bitcoin (BTC) miner MARA Holdings recorded strong growth in both revenue and net income in Q3 this year.

On the 4th (local time), according to crypto-focused media Decrypt, Nasdaq-listed MARA Holdings' Q3 revenue was 252 million dollars, approximately 92% higher than the same period last year (131 million dollars).

Net income amounted to 1.223 billion dollars. This contrasts with a net loss of 124 million dollars in the same period last year. The company said that improvements in Bitcoin mining efficiency, expanded hashrate (computing power), and a rise in the value of held BTC were the main factors behind the improved results.

MARA Holdings has been continuing to expand mining infrastructure in Texas, North Dakota, and elsewhere, and is strengthening profitability through power efficiency and asset management optimization strategies. The company also plans to increase its hashrate to over 50 EH/s (exahashes per second) by 2025.