A Marathon with Bitcoin Miners: Profits Tread a Rocky Path, but Hope Shines Bright
Bitcoin Miner Marathon Digital Exceeds Q3 Earnings Expectations, But Falls Short on RevenueBitcoin miner Marathon Digital surpasses Q3 earnings estimates, but falls short on revenue.
When it comes to bitcoin mining, Marathon Digital (MARA) is the North American giant leading the pack. In a dazzling display of strength, they managed to beat third-quarter earnings estimates. Cue the applause. However, their revenue expectations missed the mark by a hair’s breadth. It seems like even the mighty Marathon encounters a few speed bumps along the way.
Now, let’s dive into the juicy details. FactSet data reveals that Marathon reported third-quarter earnings of $0.35 per share, defying the analyst prediction of a loss of $0.11 per share. It’s like Marathon sprinted past the finish line while everyone else was still tying their shoelaces.
But, here’s the twist: despite their triumphant dash towards profitability, their revenue reached $97.8 million, falling short of the expected $99.6 million. It’s a bit like winning a gold medal but realizing it’s made of chocolate. Bitter yet sweet, eh?
Feast your eyes on these impressive numbers: Marathon produced a whopping 3,490 bitcoins during the third quarter. That’s a significant leap from the 2,926 in Q2 and a staggering increase from the mere 616 from the same time last year. It’s like they’ve discovered a secret turbo button that sends their bitcoin production into hyperdrive!
- Crypto Trading Volumes Surge: Holy MoM-nopoly!
- Bitwala Makes a Comeback: From Insolvency to Crypto Redemption
- Bitcoin halving, ten coins await
To keep the wheels turning, Marathon had to sell 66% of their bitcoin earnings from last quarter to cover their operating costs. Picture it like selling your classic car collection to pay for gas. You’re making money, but losing a piece of your soul with each transaction.
But hold your horses, there’s more! The company predicts that their bitcoin mining power, also known as hash rate, will skyrocket to 26 exahashes per second (EH/s) by 2023. That’s like powering an entire city with the strength of a thousand suns! And if that wasn’t enough, they plan to increase their hash rate by a jaw-dropping 30% in 2024. If they pull it off, they’ll become the heavyweight champion, the king of the mining hill!
Now, let’s shine a light on Core Scientific (CORZQ), another key player in the competition. They’re currently expecting to emerge from bankruptcy in the fourth quarter. Though their mining power stands at a respectable 22 EH/s, they better prepare for Marathon’s turbocharged onslaught. It’s like watching a cheetah race against a turtle. No competition, my friends.
In the market, MARA stock took a bit of a stumble during the regular session, plunging down 6.9%. But fear not, for in the after-hours trading, it managed to regain its balance with a modest 0.8% bounce. It’s like a gymnast performing a breathtaking move on the balance beam, gracefully recovering from a risky maneuver.
Let’s ogle at this impressive statistic: the stock soared nearly 140% this year, outshining the 73% rise in bitcoin’s price (BTC). It’s like Marathon grew wings and ascended to new heights, leaving mere mortals in their profitable wake.
Now, it’s time to click that link below for an adventure into the world of Marathon’s experiments with mining bitcoin using methane gas sourced from a waste landfill. It’s a truly remarkable tale that combines cutting-edge technology with sustainable energy practices.
Ready to embark on this thrilling journey? Brace yourself for laughs, insights, and the occasional metaphorical banana peel. Let’s dive in together, my fellow digital asset enthusiasts!
Read more: Bitcoin Miner Marathon Tests BTC Mining With Methane Gas From Waste Landfill
CORRECT (Nov. 8, 21:51 UTC): Corrects to say third-quarter earnings were a beat. Ha, even Marathon makes a few hiccups along the way!
We will continue to update Blocking; if you have any questions or suggestions, please contact us!
Was this article helpful?
93 out of 132 found this helpful
Related articles
- DEXTools Digest Crypto Kitties, Saturn, and Pepe the Frog Take Over the Day
- The Epic Saga of Bitcoin ETFs and Crypto Gaming
- Bitcoin ecosystem has made exciting new developments. Which hot topics are worth paying attention to?
- Ark’s CEO Cathie Wood Bitcoin Holds the Golden Ticket for the Next Decade, Not Gold!
- Bitcoin White Paper Day: Celebrating the Birth of a Financial Revolution
- Elon Musk Puts the Brakes on Crypto Tokens: A Shift in the Tech Landscape
- Bitcoin: Consolidating the Crypto Kingdom