Marathon Digital (NASDAQ: MARA) shares surged 13% in pre-market trading on Thursday following the release of its fourth-quarter earnings, which beat analyst expectations.
The bitcoin mining company posted earnings per share of $1.24 for the fourth quarter, a significant beat compared to the consensus estimate of a $0.16 loss per share. Revenue reached $214.4 million, topping the expected $180.74 million.
The earnings report comes just days after Marathon completed the acquisition of a wind farm in Hansford County, Texas. The move aligns with the company’s shift to an asset-heavy model, leveraging renewable energy to power its bitcoin mining operations. Executives say the strategy aims to lower production costs and push operating expenses toward near net-zero.
Meanwhile, Marathon Digital (NASDAQ: MARA) disclosed a dip in its bitcoin production for January 2025. The company saw a 12% decrease in blocks won compared to the prior month, attributing the decline to increased network difficulty and intermittent curtailment. However, the Florida-based company maintained its energized hashrate at a stable level. The company also noted ongoing efforts to improve operational efficiency, including the use of immersion cooling technology to optimize its mining rigs.
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