Bitcoin mining company Mara Holdings achieves record Q3 profit of $123 million, driven by rising coin prices and improved operational efficiency
According to ChainCatcher, bitcoin mining company Mara Holdings reported record earnings on Tuesday, with third-quarter profits reaching $123 million. This was mainly due to the rise in bitcoin prices during the quarter and improved operational efficiency, which drove a 92% increase in revenue to $252 million. This performance marks a turnaround for the company, which had posted a loss of $125 million a year earlier, thanks to a 64% increase in hash rate and lower electricity costs.
The company mined 2,144 bitcoins in the third quarter and currently holds 53,250 bitcoins. At current prices, this is worth nearly $5.6 billion.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
10.19 Zhang Lihui: Today's Latest Analysis and Trading Suggestions for Ethereum (ETH)!
A "perfect financial storm" more severe than 2008 is brewing? 'Dr. Doom' warns: $8.3 trillion in low-interest mortgages have already suffered $2 trillion in paper losses.
Peter Schiff warns that a "perfect financial storm" more severe than 2008 is brewing.
Morgan Stanley bullish on Apple (AAPL.US): First foldable iPhone Duo sees strong pre-orders, with delivery period reaching a 14-week ten-year record
Apple (AAPL.US)'s first foldable smartphone, the iPhone Duo, demonstrated strong early demand on its first day of pre-orders.
Crypto prices
More
