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Marathon Digital Reports 452% Revenue Surge in Q4, Despite Stock Dip

Marathon Digital reports a 452% revenue surge in Q4 2023, reaching $156.8 million, driven by record Bitcoin production and price. Despite a slight stock dip, the company remains optimistic about its future prospects in the Bitcoin mining industry.


Marathon Digital, a U.S.-based Bitcoin mining giant, posted impressive revenue growth in Q4 2023, reaching $156.8 million, a 452% increase from the previous year. Despite the stellar earnings report, the company's stock experienced a slight dip following the announcement.

Key Highlights

  • Record-Breaking Year: Marathon achieved record revenue of $387.5 million in 2023, marking a significant increase of 229% from the previous year.
  • Bitcoin Production and Price: The surge in revenue was driven by a 172% increase in Bitcoin production year-over-year, coupled with a higher average BTC price during the period.
  • Adjusted EBITDA Improvement: Adjusted EBITDA improved to $260 million in Q4 2023, a significant turnaround from a loss of $374 million in the same quarter of 2022.
  • Bitcoin Production and Hash Rate: Marathon's Bitcoin production soared to a record 12,852 BTC in 2023, a 210% increase from the previous year. The energized hash rate also surged by 253% to 24.7 EH/s in 2023.
  • Future Outlook: CEO Fred Thiel expressed optimism about Marathon's future, highlighting the company's strong balance sheet and positioning for the upcoming Bitcoin halving and beyond.

Market Reaction

Despite the positive earnings report, Marathon's stock dipped 6.7% in after-hours trading on Feb. 29, closing at $28.95. However, the company's shares have surged more than 300% over the past 12 months, reflecting strong investor confidence in the mining giant.


Marathon Digital's impressive revenue growth and turnaround to profitability in 2023 underscore its strong position in the Bitcoin mining industry. Despite the temporary stock dip, the company's positive outlook and strategic initiatives, such as the development of the Anduro Bitcoin layer-2 sidechain platform, suggest continued growth and innovation in the future.